Skip to main content

Full text of "Financial Times , 1978, UK, English"

See other formats


Tuesday January 3 1978 


CjOOTIHEMm. StLUNC WICEfe AUSHHA Sdu», ULfllUM 


J 

(&» ml 

rOAfE _ e 


id/ sites 


PCM HAWK KrJ.S; FRANCE FrJ.#j GERMANY 


EWS SUMMARY 


DMA- n-tLV L1W, NHKEMJ.HK HJJ, WIW, fcjj, 


geheral 


Bomb 

theory 
in jet 
disaster 


BUSINESS 


Industry 

optimistic 

for 

1978 


Garter to resume 
enriched uranium 
supplies to Lidia 

-:BYgK. K. SHARMA: NEW DELHI, Jan. 2 

shipment U ‘ S ' wonld » with a 

p4ShiSl^S- ,1 ?, WI t ta !P water, but failed to make any 
Nnck^N n SS^ g ^T. M L mster Mora J> Desai India should sign the 


^ « « NoKS^r” 0n,l lto thatlDdiaSh ° U,d *■* 

terdw-’s disaster—the thSd a S^nd^iSivSSSfTus^ £ otb ' SwSrofjSs^SSBSS bS h ° Ur visit '' “ We he to ok offi « last year. 

SSS 2 iWttrt! ^t^^pSlancial^TimM h^L^ 

with 213 people aboard exploded surv *y of business opinion. p ™tty adamant about the- of mniahw 2. flaniiariis 7-* * onnes and will be used I 

i; - S €H;:: r::;r wr-^ uciear 

an- ■* - d “ ~ «-£V£ ig, attffi 


The Dubai-bnund aircraft took „,.^? port prospects. A large —.—. uiem. r-ai- rererrea in **«. - 

off from Bombay 12’hours late ££"i!fU, companies polled Both sides Immediately did t,cu . lar B'since India exploded a political. !nd e«S 
due to engine trouble and was S£2\™g**»* m sterling their best to ptoy tSS!?% ira- »“ Ma - V 1974 - b °& operation b2twee“ XL £0 

lost by radar trackers minutes **P* ct ®“ , a in exports this Portance of Mr. Carter’s words. the ^- U S ' and Russia have been countries. ™ 


course of Mr. Carter's 
he and Mr. Desaj have 
to the potential tor 


. ost by radar trackers minutes “J® cte *J a «se in exports this Portance of Mr. Carter’s words. the w - U - Sl and Russia hav e been countries. etween “ e two 

later Witnesses said they heard percentage has w hicb had been recorded fc5 puttjng Pressure on India to Thi _ . 

an exptosion and then saw a ball *„ ppcd back compared with last sound engineers for an American 2®“R*' 1136 nuclear Non- tk - expected to result in 

of Are falling from the sky. summer. Back and Page 6 broadcasting network when the ^reiteration Treaty. *" e resumption ' of U.S. aid 

Thirty-seven women. two _ __ _ U.S. President thought he was Both Mr. Desai’s Janata Partv ,1° by Presic L enr Nixon 

infants and 14 -children were • i ! ^ C -Ij ,rb,ne Generators has “i ,u S We : Government and its Congress ? n 1 Sfl^^oSJr!If r n Ban8ladesh 

among- the passengers, who , won a Sa*m. power station con- . Mr - Des“ said: “I will not Party predecessor, howlver ir pr °8ra™™es 

included 179 Indians, two in lran. which will be sup- l^sundersUnd Mr. Carter and have refused to sign the treaty! jLS SSSi t SiL- ln ^ S^ . 1 £ lllt ^ e, 
Americans and nine Arabs. P^;* ed J** a W7.3in. ioan from a U ara not a * all upset about it. saying it is discriminatory. If |ff to £ ,lke 

besides the J3-m a n crew. Most *>2*™** °f British banks. H “ remarks were recorded all nuclear powers agree to stop TJShi li h? ., ed £ mor ™"- 

. of the Indians were going to take „7 b * loan is the first Export S?? u, v, I,0 5 ce and is not all tests, including those under- taSS^GnSSlS^ a ^, : ^ 
.up jobs in the Gulf. Credits Guarantee Department fa i£ 10 ■ ' ground, they say India will 22 Sh G ^ er 2S^°T B failure t0 

An inquiry has been opened. c redit to the Iranian public sec- xj Mr ‘ PowelL the White gladly sign. Iff?™ 11 ? . t0 President Carter’s; 

;oftor the recovery of the first tor - “t'd For the first time Ls J* ouse , Press Secretary, said attempts to persuade it to sign| 

bodies and wreckage of the brtn B financed in dollars rather . . the President did not mean J 5 a Ju t L ea ^ 13 “other 

Boeing 747 from the sea. An t h an sterling. t0 S^e the impression that he DHQU6Q serious setback for the U.S. 

Indian aviation official said: The acceptance of the Ioan Si"® 1 * ***““« of differences . , on i tongh “ ti - 

“Modern planes do not fall out augurs well for other UK. enro ^ Mr - ®esai over nuclear Dorms the talks. President Proliferation policy. 

; of the sky Just like that The P a ni«s tendering for Iranian E° Ucy Pf- Biat he intended to Carter told Mr. Desai that he was ^ ^ s . een b y both the U5. State 

■ whole thing is very suspicious." projects. GEC has already com- Shfi! 3 u, ,e E er he ,n « uch w !? ,, the Rossians on the SSSLTll®? 1 5 od Pf. Foreign 

r Page 4 pieted another uowerStioi ^reedto Washington. matter and expected an agree- 2® re !D London, India’s signa- 

the same site a l ih? spite of the embarrassment ment on a ban on nuclear tests ?“™ eould have a profound 

Embassy Plot cnntTact. Back Pane wfi Neui « , as “ u l® d ’ incident is within two years. Mr. Desai toid 1! ?J aenc * on the readiness of 

. . , , * Analysis, Pace a ** “ Ne S n°t expected to affect the marked him he would consider signing gther near-nuclear weapon” 

A two kilo time bomb laid at * * improvement in relations the Non-Proliferation Treaty at States to sign, and hence to open 

the. Egyptian embassy in Bonn y » between the two countries that that time. their nuclear facilities to inter- 

was defused yesterday two Li02n TSCIlVfV has laken ^ ace over tbe ,ast The U.S. banned the export of mtJonal inspection, 

niinutes hpfore it was due to go two months, and in particular enriched uranium to India after . Il,dja . Permits international 

off- “It would have blown up t» ^ _ dunn? the two days of President the 1974 nuclear explosion, but inspection of some of its nuclear 

the entire building.“ an embassy 1 01* fit K iTlfl Carters visit. President Carter approved .a ‘ ac *hties. but not of its rrpro- 

nffirial Mid. In London, police *-*v-*V^ AJK11. President Carter said near the single shipment of the fuel after Continued on Rat* p»™. 


■ ^ * the same site* 0 ^ 1 * - In ^^STSSSmmm memo: 

Embassy plot j-J-J « 

A two kilo time bomb laid at * ' s * improvement in relations the No: 

the. Egyptian embassy m Bonn y « between the two countries that that tire 

was defused yesterday two 1,03/1 TflIPlIltv has lakBn P^ ace ° ver tbe ,a s* The t 

minutes hefore it was due to go twn months, and in particular enrichet 

off. “It would have blown up a ■* * durin? the two days or President the 197' 

the entire hmfding.'* an embassy I OF BOl iTlfl Carter s visit. Presidei 

nffinal said, in London, police iflll* President Carter said near the single si 

-arc quesunninc colleagues of the • ®0C INTERNATIONAL has - —--— 

two Syrian officials killed when arranged a S400m. f£210m) Ti i ■ 

a hpmh destroyed their car in medium-term loan facility from IV ; I li 1 I ml' 4- 

Mayfair on New Year's Eve. a group of eight British and U.S. 1 11,1 ■■ Ifll 

■ .» , __ banks. The loan is expected to JL. ^ M J m W 

Palestine talks S^ dra "‘ n on 10 “ wt tbB cost of 

; SffasstsaUB iniincfrial , 

inaustnai \ 

. j-.swan. -I^pcr Eyipt, rrvioerrpw. lUck Page ' ** * °V ! 

Mr. Movhr Dayan, the Israel BY JOHN EUlOrr. INDUSTRIAL EDITC 

roreign Minister, is reported to • WORLD trade m rnal mkm 

have told the Israel Cabinet that double by the mid-1980s from MrETH0DS fjf developing the -- T’.- : 

iWf- Begins Government would the present 190m. tonnes accord- j> ta g e nf the Government's 

.. ?r no more concessions ing to the NCR’s central plantain n I strategy and plans for 

'.■•Hid those civpn to Egvnf in unit. Pace 4 • reconstituting the Roll Com- 

■ -iuai!i.i on Chns(mu« Drv mittce on Finance for Invest- 

•''age 4. Editorial comment.' • BOEING won orders for 226 “ en * * rc ,bo ^' 0 main topics flT 

'agr Iff jels last year, worth more than for discussion at the monthly .Kk 

• ... , . S2bn. tnHbn.1. Outstripping all “ e ® t,n 3 w to-morrow of the V ^ 

•Saitor f S D edfTP other major jet manufacture™. Nationai Economic Development 


Continued on Baek Page 


NEDC to plan its new 
industrial strategy 


BY JOHN ELLIOTT. INDUSTRIAL EDITOR 


Hospital 

company 

awarded 

£250m. 

contract 

BY LORNE BARLING 

a ALLIED INVESTMENTS, the 
y hospital services group, has 
a y 00 ? £2S0m. contract rrom the 
c Saudi Arabian Ministry or 
Defence for the complete 
management of two hospitals. 
The deal is the biggest deal 
j of its kind in the Middle East 
i Sir Richard Marsh, chairman 
r of the company, said on bis 
return from Saudi Arabia that 
i work would be carried out over 
. the next three years, with a 
■ major part of the total cost 
being spent in the ILK. 

1 Allied’s principal operating 
subsidiary. Allied Medical 
Group, will be responsible for 
equipping, staffing and operat- 
ing the hospitals on behalf of 
the Saudi Ministry of Defence. 
Both will start to open by 
phases this year. 

The company is capitalised 
at less than £7m. at the time 
of its recent share suspension 
after a bid announcement by 
its three main shareholders— 
Commercial Union, Orion 
Bank and London Trust- 
together with the National 
Enterprise Board. It is satis¬ 
fied with the financing of the 
deaL 

It said yesterday: “ Because 
the contract has been framed 
on a consultancy basis, with all 
major payments being made 
directly by the Saudi authori¬ 
ties, the demands on Allied’s 
own financial resources will ' 
not be onerous.” 

Boost 

The deal, won against 
strong international competf- 
hon. makes Allied the largest 
hospital management company 
in the Middle East and is a 
boost for the U.K. medical 
equipment industry. It is J 
hoped that similar contracts i 
Mill follow. i 

Preliminary negotiations v 
with Saudi Arabia started c 
more than two years ago and n 
were concluded over the holt- P 
day period. 


/ LAustin-Crowe 
j 0604 34734. j 

S*E°P« KrJJS; SWITZERLAND FrJJ- EIRE T2p 

Five-fold rise 
forecast in 
U.K. reserves 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 

12? E 0 5? /S Official reserves rose end of November tiie reserves 
by only a relatively modest were $20 39bn 

lasT ®«H* *n spite of During December, the UK. in 
expected to have paid iniwest 
tcrtmght and made repayments totalling 

The reason is that the auth- ab «>ut $200m. on long-term bot^ 
onties allowed the demand to be rowings arranged during and 
reflected in a rising exchange Just after the Second World 
rate with minimal official inter- ™ar. This may be partly offset 
vention. Tbe pound closed on £V small borrowinss from the 
Friday at $1.9170. whicb was E «ur>pesn Investment Bank, 
exactly 10 cents up during the Sterling was fairly quiet early 
month. list month; while markets were 

Consequently the official trU*' w *tb fairly small volume 
reserve figures—due to be pub- for mucb . of the period, the 
iished tomorrow—are mainly renewed intense selling pres- 
likely to reflect official borrow- /2W. the d ° nar in tbe 
ing and repa^Tnent as well as £?rn iS 3 ? 1 A as resulted io ,; r 
some impact from the expected “fT p n i e ,n the PPun^- 
current account surplus. . ,- e ®®cember Increase in 

sterling accounts for nearly half 
Ifffnovinnnfc tbe 31 , c ® n t—or 12J per cent.— 

IVCpaYult?niS appreciation against the dollar 

JS Trfll?, 5 $"£*■£$& ^£5-1» T p- —V 

similar to the *183.5' inrrS'e “Sf'S 

SI 

inflows in the previous two ciatefl by only 65 ner cent 
months before the pound was year P L ast 

This h. 25 * however, resulted in 
nf Vi ( L T Z servf ? fPj 3 ] at the end a growing debate about the 
of last year is likely to be five competitive position of British 
times greater than the figure cf exports. 

$4.13bn. 12 months ago. At the Editorial comment. Page M 


Minimum lending 
rate may fall 


BY MICHAEL BLANDEN 


I in “SHIS d T W JEltttS prices have continued 

!interest rateslould , 

week, with the possibility ofa J atthe^on elS nfZl U ?- 
cut in the Bank nf Pnnkn^v 5t. dL rn ^,snon ena of the market. 

ssss-t 

The Bank held MLR .m. *ufL_ a Aft ou ll b A tha, . u P two- 


: -iuaih.1 
■''age 4. 
'agr Iff 


on Chnslmus ‘ Day. 
Editorial comment, 


Editor's pledge 0,ber n «»ior jet manufacturers. J? ationa l Economic Development 
■Ur OnuM +h . . Substantia! orders are expected Counwl - 

”ni,n? rf rn. .n hP m the New Year. Page 4 It will be tbe first meeting 

>ouiii AirIV.in newspaper editor atiended bv Mr. Bernard Asher 

f " , L ^ ,pcd .y Lesnlho at the • ITALyS-lbalance of payments former NEDC industrial direc- 
,ha * hw first recorded a dramatic turnaround tor. in his new’, temporary role 
a. non in exile would be to pub- *ast year, with a surplus of as acting director general after 

mh a nnnk on ihc. life and LI,5001m. compared with a deficit the retirement in December of 

dp.iTh i'f Mr Stove Riko. the of LC^OObn. in 1976. according Sir Ronald McIntosh from the 

oi.ifK .(Ctivist e'hi* died in police to Italy’s foreign trade ministry, director generalship. 

plan. m. Ify m Lnn.Son l« ENGINEERING thPiSdSia^slrateCT^m^ 

m FNRfNPiTRTNr Ftn n i m -» place ear, - v ne5C ^ month. To- 
J ■ F.d,frSmorrow’s meeting will be mainly 

' Naive v MPs ^w‘ chfrfi S if ooderiAke.a de- concerned with preparing the 

itii » tailed study of productivity m ground. 

▼k* nnvi.v . * . tit* ...l:_l u t___ .sit 1 9 


) e^nua. i uans oeio 11U.K un- thirri«: nf t>i a foiMwT f .S. ^T 

Tlie contract, which clearly changed again ..n Friday at the stock 

council to decide to-morrow’ how r has a bearing on the bid posi- I' per cent, level at which'it hi!L m *J Decemb e r n»i3ht 
much it wants to involve itself! will probably speed up a has stood since it was pushed S,^n- b been w,d t0 

in the near Tuture in the prob- ■ fi ™ bid by the consortium, “ p ^ 5 Per cent on Novem- puD,,c ’ 
lems of individual areas ofi which has much to offer in ^L 25 - 

industry or. perhaps, broad ^rms of financial resources „, The K cont l nued stabi,it y of the Tritmor z 

sectors such as engineering. ! Allied Investments. rat ® has been ensured by a * llffScr DOIIlt 

He wfll make it dear at the 1 v T! l- I ,keI >’ Participation of of signals f ! om 0,8 Eanb Th» ™ 

meeting that he considers tSt! the ^a^onal Enterprise Board I? the money market indicating _A" e Emancial THmes Govern- 

it would ^useful ter the rouncJ b «n encouraged by ils 5? 'L d ?J «« to see any ff**-^* * 0 dex rose 0.16 

io dises such tadWdSi'SJSl .... S« ra ,-hSrt ,0 u b 0 I 5Lii m g : n 


council to decide to-morrow how 
much it wants to involve itself! 
in the near future in the prob¬ 
lems of individual areas ofi 
industry or. perhaps, broad 
sectors such as engineering. J 


which has much to offer in 
terms of financial resources 
for Allied Investments. 


He wfll make it clear at the! of 

reting that he considers that , the ^ atl0nal Enterprise Board 


Trigger point 

The Financial Times Govern- 


-Pni 'H " r ’ n L " n,i "" ,0 -" ,0r " w - ENGINEERING 

; • • ENGINEES 

^Nfliuo » MDc Federation is t< 

naive IVIPS tailed studv oi 



Mr. DENIS HEALEY 
Discussion on individual issues 


trial issues as well as broader 
subjects such as finance and 
design which straddle many 
industries. 

Plant- to reconstitute the Roll 
Committee have emerged from i 
a study of the committee's work ] 
since- It was set up two years! 
ago by the NEDC after several 
demands for the creation of a 
“Little Neddy for the City." 

Under the chairmanship of 
Lord Roll, chairman of S. G. 
Warburg, the merchant bank, 
the committee has been limited 
to consideration of finance for 
investment in manufacturing 
industry. Tt has worked closely 
with the Bank of England. 


United Medical Company, 
exporters of medical equip¬ 
ment. It also clearly sees a big 
rulure in the Middle East 
market. 

A . number of oil-producing 
countries have experienced 
difficulties in manning newly- 
built hospitals and Britain, 
with the ‘advantage of a 
centralised health service, has 
much to offer in this respect. 


that it did not want to see any me !L se cunties index rose 0.1B 
changes in the short term. '8-®® to bring its gain over 

However, the messages have *„f£ ort Post-Christmas week 
been, interpreted as leaving the t0 °- 57 - 

way open for a move in the New At the weekly Treasury bill 
Year if it became clear that this tender, the average rate on bills 
>>.v conditions in -to which MLR is llnkcd-fell 
. t0 a level not far above the 
The strong performance of the trigger point for a i per cent 
2521^* we f k - ba lWd to reddctioS in the offidal 
strengthen expectations that the The market will be lookinu 
authorities could allow the rate to the Bank fnr fniirtanno 

t0 S e h52"iS? r ek - , ^ek e bu“n &JE££% any 

reflected 5 ??^^rhp^ lear,y official . *[sn*'s to the contea^ 

reneciea in the gilt-edged mar- a cut in MLR is possible. J 


The RSIN'A disroi»:»ted a favour- industry which it hopes will N 4Q rt have 
*iMe report by iwo Cnnsvrvalivp help to identify underlying causes — mliL 
VPtf r.ii ... , .v 7 . of woakno-K Pai-** r conipietea by the industrial 

! , h I rekness. Page B strategy’s individual sector work- Mr DFNis mrat jtv X oi nnance tor 

.«H5 live ulvrs from thi* best i n ™ parties under the National *™ r - "ENfb HE A LE Y investment in manufacturing 

Accusing* AM.VLGAMATED Union ^of Economic Development Office. Dtscussl °n individual issues industiy. rt has worked closely 

Jm R ? bm ffwt Pftpr 5? U 2f , ?Sh Wor J eri may ba ^ These reports are being studied from the NEDC on the of 

.^iU* nf naivety inr saying no lb,s ,- vear t0 a merger of j,y the Government’s industrial and nntho riTorf ?? Q e , stra . te 8 ? Now it is being suggested that 

cnjili wn.w involved, the RSPCA J be fo, . ,r eoimtituent sections of s^atecy steering group whose vidual^ comoaiti« t0 in thZ®™. ItS orb 2 shou,d be enlarged to 

ZK nf r0Une « ‘ he Um ° n - PaSe 8 chairman is Mr. La^S?e Svered bv^TseSor LrkSn f or , indus ^ 

:«W/hippcrs wnnfd >ce fn it that c rrf-T^TT^-o . .. , a second permanent secretary at parties. * fcniS ^ ei ^ ! a a ° d lbat *ts constitution 

Be im-ulanties occurred." • SWAN HUNTER boilermakers the Treasury. Main themes emerein* fmm *u d membership might also be 

* ' haw applied to Department of The reoorts will be unm- from chaoged- 

Aneat- miss Employment for a “fair wages" marised iSto one papj? to be SobleiS^th?h5 


Z*:™ i' 1 «• well as «« uni ° n ‘ * chairman is Mr. Lawen« Airey, covered br^e seSor worS t° r , indusLr ? ^ 

.shippers \vnnJd >« fn it that c . a second permanent secretary at parties. * fcniS ™ a ^ d lls . constitution 

: Be irivyulanties occurred.” • SWAN TOOTER boilermakers the Treasury. Blain themes emeraina fmm *u d membership might also be 

' haw applied to Department of The reoorts will be sum- *»ip from chaoged- 

•/Anear miss Employment for a "fair wages" marised iSto one papj? to be ^oblanrSlhtS a“ iSwito^f b e A made 

.b>. ,, r Eracst Brvia sns- P 3 ,r,„"Stt? ssaru iH&aftS sw^frss 

I SSL ."Tl n . JS? »J2!2S: Varleyf In^stry Seo-etary. montte. 8 waum SJ"! 


rtirn\vt> prevented the ancillary workers, 
ni from pressing 
women into labour 


150.000 wnmon into labour 
I 'invades til rape with Bntain's COMPANIES 
* '■reiiuinrr mils .*tft vear?, ago, it 

? ^ «*»wIowd *n newly nuMishcd • SMALL companies are being 
r.Lahinrf minuir^ The prnpnsai hampered because both workers 
•' w;»hina,tr in- s« r Stafford Criuo« and management arc over-tax^. 

- Detail* Page j ' the London Chamber of Cruh- 

- - d-{o<Kj mcree says in a memorandum 

» r «Iiy .. . | urging tax cuts. Page 5 

• tn' aker ^* r ^i fI—h,s • U.K. COMPANIES generated 
r Skvtrnn a !l- Iffh’iwaiei a lota j xi.5hn. in new money last 

e hr?ih^v B T ,n * r r lrt, *T? lvri ‘ J u , n voar « nearly £72.9m. more lhah i 
' S ! PW . ’? ,n 1876. Rights issues Pte- 

iiiuo ,h ^ f fir5 J dominated, witli Commercial 

sr »***• and okh 

V S3?• PRl'BENTIAL ASSOtANCE 
:: to-dsy Wiiu Mr Merlyn Rwsj, a record £S.6bn. last year 

Home Sccret.iry. Rack Page > n new sums assured on world- 


There will also be 


But Mr. Healey also wants the for industrv. 


duce specific reports on finance 


More workers out 
on strike in bigger 
groups last year 


WORKING DAYS LOST 
THROUGH STOPPAGES 
OF WORK 

Year _ Total (OOO’Q 

1970 10,980 

1971 1LSS1 

1972 23.909 

1973 7,197 

1974 14,750 

1975 6.012 

1976 L284 

1977 9.443* 

rojoettd figure based oi 


JjrllM. Mr. .lack Junes had " be- 
{jf.-Jnnrcherf au h*»npurahie ciirocr," 
jV &id I.ahuiir MP Mr. Martin 
K-Ffonijery. 


KKt'UKMTiiL ASiaLnAaiUC RY ALCX GRAHAM ‘Projected figure based on 

;ed a record £S.6bn. last yew RY Al£X GRAHAM statistics available for first ten 

now sums assured on worm- months of 1977. 

V hf0 business, against THE PAST year has seen a ing days lost in the last seven D ‘ pe 2 me £„* f EM JSSi men i 

bn. in 1976. New annual marked reversal in the down- weeks i -t se en Gmta*. Novemiwr «77. ». 12 BS and 

mums, however, fell from ward trend of strike figures. The number of stoppages —-- 

.in in 1976 to £ll6m. Page 18 More workers have been coming begun last year was up 40 per h 

BIRMINGHAM INCORPOR. oul oa striiie in bi Sfi er groups cent, on the previous year and ?£' DUt . -if a ct pay p -° IiCy on 

“1 thw h«e been prepared te nearly (nice as mam «riSS the .,? ,r .'h. fi J“ res ... 


r-‘ Home .Secr<-I.>rv.' B.ck Pane in new sums assured on world- 

^^SSuS SSL “■£ ife si Tew t ;4‘S! JSJ^LSr s*^ in ,ast — 


prcimums. however, fell from ward trend of strike figures. The number of 
in 1976 to £U6m. Page 18 More workers have been coming begun last year was 



gNttch market heroin tcizerf hist building ycSwM ,0D8er t0 pursue their solved m disputes. th^ron“reS iSS ndtol 

?-?«r by British customs investi- lo fonn. the Birminsham Butid- c : Of those workers who went on gas. electricity and water boards. 

"i>hnid . 1 .. .A.inn tfitrtinfi* lirifh fnfn! nrmfL- nf If! iflin. tftP H iDlhpr nf StnKTPE EtTIKP lacf I'mr namln 7fl t ^ j_ j m a 1 J 


^iaibrs worth an estimated inR Society, with total assets ofi 1° then umber of strikes strike last year, nearly 70 per had more strikes last year than 
'• Willi, compared witu ii.Km. i»nro Hun flOffm. and 30 offices dropped for the second year in cent did so over pay, most of in 1976. 

■te 1976, .. “* ■*“* * : ! 


4’. VoriiTs leading stock 

mwrkcJs . 

and EEC: find nf 
1-- tar {ransilionai yierind 


in the West Midlands. 


FEATURES 

Porsche 

1ft survival 


gamble 


•■"BwWmmvnw . 
v'jggte. 

r'JWn!«u , i Olinr 
Mrw* 

iriwwN 

Gulrt« 

• 6 ffffwr WHI 

diwv . 


I)\ OTHER PAGES 


tniiihy Nnn 


3 Liftwr Ihm 
3 LchOhb Artld** ... 

7 Lcttrr* . 

Z Lm . 

I. 1 uunltartl 

2 Men awl H alter* 

I MiMftf MaJctanft .. 

* IhtrHM Hum 

* SAMv Mtntimtm 

^ SiHjrt 

J. ? TrfKnlcal Mfm . 

]l Tt-tiy'i CvKiU . .. 


> TV and Radio .... 

10 Unit Tracts 

11 Overseas Prices 

1 > Weather . . .. 

2 tVarlH Trade . . 

U Wcrlrt Craa. led. 
U 
• 

IT WerM rahra nf E 


succession, and the total of 3m. them seeking increases in wage However, the construction 
working days lost was the lowest rates or earnings levels rather industry had ah abnormX wh 
■* for 10 Jears * tban frin sc benefits. strike record in 1976. largely 

The likely total of working The three months since the because of the six-month dispute 

days lost last year based on the end of TUC consent to an in- at the Isle of Grain power 

a figures available for the first 10 comes policy have seen a small station, Kent 

• months of tbe year, is almost but significant increase in the This accounts for the large 

10m., more than three times the level of strikes. drop in the number of working 

1976 figure. The level of strike The Employment Department days lost in that sector last year, 

activity is once more approach- said that it was impossible to The figures for the electricity 

2 mg that of the early 1970s, predict trends in strike figures, industry’ do not include the pro- 

“ The total is above the average ?" d th I? a L,2!L. year “® ^? cted work-lo-rale by 

j! Tor the last 10 years and. accord- aD i 0 T^ r 0 n ! lJ5rf^[ s ^v , Y° rfters ear,]er ^ y^r- 

« inc to the Department of “ coaceded that tbe !D0 ' re to The increase in strikes was 

* Employment, the figure does not W SSS, 5EJ!“2HLJ” eb . emica ! 


WHffiE WTHEVTORLD^WILL 
YOU FIND STANDARD CHARTERED ? 

In several of the imponant West German dries, like DwseWorf, 

Frankfan, or Hamburg. Just as you’ll find 1,5CC Standard Chartered branches 
and offices in 60 countries across the world. 

“" I ° ft l er >"" “ amahemren m Gcnrunv, bten* 

yourn«r«tU.L branch ofSundad Cbanand will deal direcdv'mdithe 

^propnalc Standard Chanered branch in Germany. This can save von time and 
extra commission charges. 

info™JlTvi 11 “ K . n ' d ! ? lo '""' r ™ 51 -Ci7S* he can give von mom 
information. Why nor nng him no* ? 


Inn Ji T«-day'i CvMU . .. 11 BAM Uwdn* RlM 

; or tnir't Share /ttdiv phone til-346 5036 


« ins to the Department of 1 ,uuve w »u sinxes was ——— • _ _ 

* Emploj'ment. the figure does not D! ,^\ bar * W* “ ark f d ln the ehemical ^^1^ _J_ j.1 A 

include strikes in public sector SJSJ5* led i°J n SSSP J vber ? th , e number of Bf 010*10010 ™ 

a service industries. „ of d]S ’ ?? r J rfns ^ '. ost la£l Fear was WSk 2T , U ! , VI IOI IVI VM jS 

_ __, . Put**, but ii denied that nncer- 1/ times what it was hi 1976 jK. DanL I *GG 

.. ove r JO per rent The Employmem DnSSL.. OatlK LlFTIIteri CS 


« Th,B * ta * J as t fc y *l r ‘ s • ai . n J>' or " JO per cent The "Employment Department 

u figures will not include the fire- guidelines had been a-contribu- said that major industrial dta- 
men f strike, which has already tory factor. n U tes were thll ronfinai tl 

— accounted for nearly Im. work- it was difficult to be specific t!re“ few industries ^ 1 1 ] 


Bank Limited 

helps ym throughout the 'world 

H^OfB i^lO Clemen la Lane, LoodonLC4N TAB - A^u^iS.ljBaOjo,^ 







LOMBARD 


An entertainment 
with models 


BY SAMUEL BRFTTAN 

THE N1ESR devised a ftBrinafr 
ing entertainment in the past few 
months of 1977. The manufac¬ 
turers of the f our ma in economic 
models—the NTESB itself, the 
London Business School, the 
Cambridge Economic Poize; 
Group and the Manchester Mone¬ 
tarists In Ebrite—were asked to 
re-write history- What would 
they have done if they had been 
in power in the crucial years 
1984. 1970 and 1977? And what 
would have been, or would be, 
the results over the subsequent 
five years? 

In a preliminary round in the 
autumn the four groups 
presented papers; comments 
were then invited from other 
economists, and a confrontation 
on demand management was held 
just before Christmas. Mr. 
Michael Posner of Old Cambridge 
acted as compere. The “book” 
of the show wiD be published by 
Heinemaan In a few months* 
time. 

Each gro up applied its own 
model, rewrote its own history 
and did its own crystal gazing. 
The fact that an impartial inde¬ 
pendent computation was not 
possible itself says a great deaL 
The idea of a computer model 
in which the future is median i- 
cally predicted from the past is 
bunkum. 

If any of the organisers hoped 
- that the differences between 
-sdhools of thought could be re¬ 
duced to numerical relations 
which could be estimated impar¬ 
tially. he would have been very 
disappointed. For as one of the 
Monetarists, Professor David 
Laufier. argued in a paper writ¬ 
ten eartaer/ there may be no 
enduring relations and trans¬ 
mission mechanisms of the kind 
that the conference organisers 
hoped to estimate. 

.'.The shrewdest assessment of 
the differences between the four 
groups at the London Con¬ 
ference was made by Dr. Charles 
Goodhart, of the Bank of 
England but—thank heavens— 
speaking for himself. It is 
revealing both that such an 
assessment should have come 
under the beading “ Monetary 
Policy” and that Dr. Goodhart 
should have—quite rightly— 
spent much of his time an other 
matters. For as be soon showed, 
to the extent that the differences 
were technical, they were about 
the labour market rather than 
the Money market. 

The really important dif¬ 
ferences were however, as Dr. 
Goodhart suggested, in economic 
philosophy between those whom 
he called the “market optimists” 


—comprising the London Busi¬ 
ness School and the Monetarists 
in Exile—and the " market pess- 
aists ” comprising Cambridge 
and the National Institute. There 
were is fact many sticking tech¬ 
nical similarities across the 
ideological divide between the 
Monetarists ahd the National 
Institute on the one hand, and 
the Cambridge group and the 
London Business School on the 
other. Yet on policy London 
was pretty close to the Mone¬ 
tarists while Cambridge marched 
in hand with the National 
Institute. 

Pessimists 

To make matters more para¬ 
doxical, it Was the so-called 
“market pessimists” who were 
most optimistic about how much 
good could be done by their 
own recommendations, in par¬ 
ticular to real things such as out¬ 
put and employment. In fact 
the labels could be reversed. 
For the interventionists were 
really the optimists about what 
could be gained from (hetter) 
Government intervention; and 
the more - market-oriented 
schools were dubious about how 
much good manipulation by 
'Whitehall could achieve. Indeed 
as a sympathiser with the latter 
view, I have no particular 
admiration for markets, but a 
good deal of suspicion tbat real 
world intervention by real world 
politicians more often makes 
things worse rather than better. 

Dr. Goodhart’s conclusions 
was that “models cannot give 
much help to policymakers. 
Looking at exactly the same 
economy, and even using on 
occasion very similar structural 
equations, different modellers 
come to totally different policy 
conclusions because of their 
fundamental perceptions about 
the workings of the economy. 
Econometrics has not, at least 
so far, provided any alternative 
for basic judgment, only some 
quantitative dressing and 
support for such judgments.” 

For this shaft of wisdom and 
because it is New Year I shall 
even forgive Dr. Goodhart for 
his remark about analyses which 
“do not offer any more specific 
or quantified'* policy suggestions 
than those “ presented almost 
daily in certain influential news¬ 
papers.” Compliments are wel¬ 
come whether intended or not 

* Money and Money-Income: 
An Essay on The “ Transmission 
Mechanism." Reserve Bank of 
Australia. Research Discussion, 
pages 7,701 August 1977. 


APPOINTMENTS 


P. Cooper is deputy chief 
executive of Steel Bros. 


Mr. P. K Cooper has been 
appointed deputy chief ex ecutiv e 
and a director of STEEL 
BROTHERS HOLDINGS. Mr. 
Cooper became alternate to Mr. 
D. E. W. Thomas on the Board 
of Steel Brothers Holdings and 
a managing director of Steel 
Brothers and Co. at the begin¬ 
ning Of 1977. 

* 

Mr. Ian Ross Beattie has been 
appointed to the Boar d of 
SPEAR AND JACKSON INTER¬ 
NATIONAL. Mr. Beattie is the 
managing director of the com¬ 
pany's garden and hand tools 
subsidiary, Spear and Jackson 
(Tools). Mr. Brian Lnseombe 
Allen has been elected to the 
Board of Spear and Jackson 
International as a non-executive 
director. 

* 

DUPORT states fcat Mr.D.L-T. 
Jayne joins the Duport Group 
as director—personnel from 
Massey-Ferguson and is appointed 
to the Board of Duport Services. 
★ 

JARDINE, MATHESON AND 

CO. has appointed two new group 

genera] managers and a new 
director for the group subsidiary, 
Jardine Matheson and Co. (South 
East Asia). The two new general 
managers are Mr. W. M. 
Conrtauld and Mr. Alan BfiHs, 
whilst the new Jardines SEA. 
director is Mr. D. P. Graham. Ail 
the appointments are from Janu¬ 
ary L 

★ 

OFFREX GROUP has elected 
to the Board Mr. John Lewis, 
chairman of Howard Wall. The 
Howard Wall group of companies 
is part of Ofrex. Mr. Keith Uney 
is appointed sales director and 
Mr. Graham Gregory, director of 
administration, for British Indus¬ 
trial Fastenings, while Mr. Ezio 
Obertl becomes director of ex¬ 
ports for Fordtgraph Overseas 
and Mr. Ian Howttt takes up tbe 
position of financial director for 
Lawtons of Liverpool Each con- 
cern is part of the Ofrex Group. 

Mr. A R. Taylor, chairman of 
WHIis Faber, has been appointed 
FELL HOLDINGS. Also Mr. J. T. 
Faber has retired from the Board 
of Morgan Grenfell Holdings. 

* 

Mr. J. P. WaUdnshaw has been 
appointed a non-executive direc¬ 
tor of the LYLE SHIPPING COM¬ 
PANY, succeeding Mr. A. C 
Hogarth, who has retired. 

★ 

Mr. Cyril Le Riche has been 
appointed managing director of 
TONBRIDGE PRINTERS. 

* 

C T. BOWRING AND CO. 
states that Mr. E. G- Trier, a 
director of the group and group 
marketing director, has retired 
from his Board appointments. 
The company proposes to invite 
Mr. Tyler to accept an appoint¬ 
ment as consultant to the group 
with specific responsibility for 


ensuring continuity of service to 
his clients and for developing 
group contacts 

* 

GKN STEELSTOCK has 
appointed two new directors—Mr. 

Ted Evans, product groop 
director, general steels, and Mr. 
John Price, product group 
director, fiat rolled. Tbe appoint¬ 
ments follow the retirement of 
chairman Mr. Donald Field, who 
Is succeeded by Mr. .Norman 
Richards, who becomes chairman 
and managing director. 

★ • 

Mr. Derek Taylor has been 
appointed production director of 
LITTLE DUKE SHOEMAKERS. He 
is responsible to Mr. D. S. Cave, 
managing director, for the whole 
of the production function of 
Little Duke, a member company 
of the Ward White Group. 

■k 

Mr. Peter After has been 
appointed managing director of 
JOHN WHITE FOOTWEAR, part 
of the Ward White Group. He 
succeeds Mr. Bernard Stokes, who 
continues as a director and will 
act in an advisory capacity until 
his retirement later this year. Mr. 
Frank Langton has become pro¬ 
duction director and Mr. Roger 
Brown has been appointed sales 
director. 

★ 

Hambro life announces that, 
with effect from January 2, 2978, 
Mr. John Clay has become chair¬ 
man of HAMBRO LIFE ASSUR¬ 
ANCE, succeeding Mr. Jocelyn 
Hambro. Air. Gay has been a 
director of Hambro Life since 
1971. and is the deputy chairman 
of Hambros Bank. As was the 
case with Mr. Hambro. he win be 
a non-executive chairman. 

★ 

Mr. Christopher G. Moira has 
been appointed to tbe Board of. 
T. L. ELLIOTT AND COMPANY. 

* 

Mr. Bernard R. Hastings has 
become chairman of the Mersey¬ 
side and North Wales Electricity 
Board (MANWEB). Mr. Hastings, 
who is at present deputy chair¬ 
man of MAXWEB. succeeds Mr. 
D. G. Dodds, who has retired. 

★ 

Mr. Aubrey MQstefn has joined 
the Board of the BENTIMA COM¬ 
PANY as chief executive. Mr. 
A. R. C. Barclay and Mr. D. W. 
Forsyth have also joined the 
Board and Mr. A. L. Knight has 
retired. ■ 

* 

GOLA SPORTS, a member of 
the Electronic Rentals Group of 
Companies, has made Mr. Paul 
Sammut managing director. 

* 

Mr. Barrie Griffin has been 
appointed managing director of 
AIR SHIPPING AGENCIES (ASA 
International) and Mr. Ronald 
Hewison has become a director. 

•k 

Further to Friday's announce¬ 
ment regarding SEDGWICK 
FORBES. Mr. A- V. Alexander 


was already a director of Sedg¬ 
wick Forbes Holdings and depury 
chairman of Sedgwick Forbes He 
now assumes full-time executive 
Group management reepnoubill 
ties m those appointment. 

* ■ 

Mr. Kenneth L. Tucker, a direc¬ 
tor of the Corad Leisure Group, 
has been appointed chairman and 
Mr, Tony Meore. previous;? wuh 
Courage, sumtrisg director of 
CORAL RACING. Cs bookmakir. 
subsidiary. The fnZowme new 
appointments at senior executive 
level have aito been nude within 
the Group: Sir. Robin Whitmore 
becomes director of penaaitet; 
Mr. Roger Oarinan is electronic 
data processing manager and Mr. 
Roy Parkin, group purchasing 
coordinator. 

* 

Mr. F. J. A_ Howard and Mr. 
A. J. W. Owstna turn been 
appointed directors of CHARTER 
CONSOLIDATED. Mr. Howard Is 
head of tbe company's finance 
and investment division. Mr 
Ovszon is based in Kuala Lum 
pur as chairman of Charter Con¬ 
solidated (Malaysia; Sdzv BhcL 
« 

Mr. Simon Keswick and Mr. 
A. J. Bowden have been appointed 
to the Board of the Maltese Cross 
Insurance Co., which on January 
1 changed Ms name to the LOM¬ 
BARD INSl.TtA.VCE COMPANY 
Cl MC). The Lombard Insurance 
Company fU.KA is a wholly 
owned subsidiary of the Lombard 
Insurance Company of Hong 
Kong. This ~ turn Is a wholly 
owned sabvdiny of Jardine, 
Matheson and Co. 

* 

Hr. Andrew Blair has been 
appointed a director of TURN 
BULL GIBSON TRAVEL. 

* 

Mr. Peter Miles has been 
appointed chairman and Mr. 
BBlon Qarke has been appointed 
deputy chairman of ASTLEY 
AND PEARCE HOLDINGS. The 
following have also been 
appointed to the Board: Mr. 
James Cbeethazn. Mr. Thomas 
FeDowes. Mr. John Gunn. _ Mr. 
Christopher Home ( Australian) 
Mr. John frrine. Mr. Pool Jcsper- 
sea fDanrsh). Mr. Richard Lacy 
Mr. William Matthews. Mr. Marcel 
Wolf rSwiss) and Mr. Richard 
Worthington. Astley and Pearce 
Holdings is the holding company 
of the AsOy and Peirce Group. 
Mr. Peter Mttea also becomes 
chairman of Astley and Pearce 
and remains a managing director 
of Genard and National Discoun 
Co. 

* 

Mr. Michael tegall has been 
appointed to the Board of 
DUNBAR AND COMPANY. 

* 

THE DELTA METAL COM 
PANY states that Dr. A. J. 
Kennedy has joined the Company, 
succeeding Dr. L Jenkins as 
director of research when Dr. 
Jenkins retires on July 1. 


TV Radio 


BBC 1 

t Indicates programme in 
black and white 

10.00 aan. The Wombles. 10.05 
Jacks oory. 10JO Boris the Bold. 
flO.25 White Horses. flO.50 Flash 
Gordon Conquers the Universe. 
11.10 Elvis in “Girls! Girls! Glrls!- 
12.45 pan. News. 1.00 Pebble Mill. 
IAS Ragtime. 2.45 Songs of Praise. 
&20 Pobol Y Cwm. 3 j 53 Regional 
News for England (except 
London). 3.55 Play ScbooL 420 
Wally Gator. 425 Jackanory. 4.40 
Animal Magic. 5.05 John Craven's 
Newsroiind. 5J0 The Sleeping 
Princess by Kay McManus. 

* 5.40 News. 

5.55 Nationwide (London and 
South-East only). 

: US Nationwide. 

• 155 One More Time! (London 

and South-East only). 

7.25 The Oregon TraiL 
-8.15 Supermind. 

.; 9.00 News. 

■ 9-25 Play For To-day. 

' 10.40 Power of Scotland: A 
report on the Scottish 
Office—one of the least- 


known big spenders of 
British Government. 

1L30 Weather/Regional News. 

AH Regions as BBC-1 except at 
the following times:— 

Wales—5J»5>&20 pjn. Wales 
To-day. &55 Cartoon time. 7.20 
Heddiw. 7.45-8.15 Pobol Y Cwm. 
11.30 News and Weather for 
Wales. 

Scotland—2.00-255 pjn. “The 
Five Pennies.” starring Danny 
Kaye. 5.55-6.00 News for Scotland. 
6.00 A Bhliadhn' Ur: The New 
Year with Cal urn Kennedy. 6JO- 
7-25 The Homecoming: Scotland 
and the International Clan 
Gathering. 9-25 Power of Scotland: 
An investigation of the Scottish 
Office. 10.15 The Conies in Con¬ 
cert 11.00 He Has A Lot To 
Answer For A reflection on Bell’s 
telephone. 1L50 News and 
Weather for Scotland. 

Northern Ireland—153-3.55 pan. 
Northern Ireland News. 555-6-20 
Scene Around Six. (L2Q-7.20 Here’s 
How. IL30 News and Weather for 
Northern Ireland. 

England—5-55-6-20 pjn. Look 
East (Norwich); Look North 
(Leeds, Manchester, Newcastle); 


F.T. CROSSWORD PUZZLE No. 3,557 



ACROSS 

:i Surprised expression 

prohibition on being still at 
.. sea (4, 2) 

4 Distant from marine creatures 
( 6 ) 

8 Supervise position of bishop 

- (7) 

9 Pimp individual joining 
National Front, in the small 
hours (7) 

11 Stop biding chance to Insure 

- <5, 5) 

12 Idiot caught by chance (4) 

13 Act to re-fashion a surplice 
(5) 

14 Final drink going on. ahead 
■ <8> 

V Obvious eye-opener twice 
'■ protected Inventor (8) 

IB Memorable place in Texas 
r after the manner of the doctor 
: (5) 

99 . Report on hair style (4) 

Si Supporter on bread line Is a 
. * long way behind winner (4,0) 
St Lost tin that could contain 
■ cheese (7) 

94; Tiny room, love, is sear (5. 2) 


25 Meal is about over (6) 
over 28 Floor of the House (6) 


DOWN 

1 Possess the right to talk non¬ 
sense (5) 

2 Another version of Virginia 
smiling cheerfully (7) 

3 Ditch worker for being forth¬ 
right (9) 

8 Fairer for magistrate handing 
ont punishment? (5) 

6 Sick in charge—it could be 
unlawful (7) 

7 Awkward matter excited 
Murphy (3. 6> 

10 Unruffled course of just a 
singer (4, 5) 

13 Letter of testimonial (9) 

25 Sward for informer to mark 
out (5. 4) 

17 Drink for poacher oo short 
.flight (3. 4) 

19 Current caught by employer 
of plaintiff (7) 

21 Peter initially noted debts 
were religious (5) 

22 A pussyfoot in New York 
looks smart (5) 


The solution of last Saturday’s prize puzzle will be published 
with nunei of winners next Saturday. 


Midlands To-day (Birmingham); 
Points West (Bristol); South 
To-day (Southampton); Spotlight 
South-West (Plymouth). 6^5-7.25 
East (Norwich) Bards of the 
Barleycorn take a look at child¬ 
hood: Midlands (Birmingham) Top 
Gear; North (Leeds) Here Comes 
the Queen; North-East (New¬ 
castle) Looks Natural; North- 
West (Manchester) A Good Sing 
by local choirs; South (Southamp¬ 
ton) Hey Look . . . That’s Me!; 
South-West - (Plymouth) Penin¬ 
sula; West (Bristol) Breakthrough. 

BBC 2 

1L00 a-m- Play School (As BBC-1 
3.55 p-m.) 

6.25 News Headlines. 

6JW planets. 

7.30 Newsday including Foreign 
Report. • 

8.10 The Hothousp: A look at 
the lives of six women eight 
years after a film docu¬ 
mentary was made at Cam¬ 
bridge University. 

9.00 Spike Milligan in Q7, 
written by Spike Milligan 
and Neil Shand. 

9.30 The Water Margin. 

10.15 Haitink Conducts Mahler: 
“ Lively Arts" special 
(simultaneous with Radio 3 
In stereo and quadra- 
phony). 

1145 Late News on 2. 

LONDON 

940 a.rn. Cartoon Time. 940 
Documentary: “They Only 

Inherit-" 1045 * Incident- on a 
Dark Street" starring James 
Olson. liOO The Wotsit from 
Whizz-Bang. 1240 pan. Rainbow. 
1240 A Ripe Old Age. LOO News 
plus FT Index. L20 Help! 140 
Crown Court • 2.00 After Noon. 
225 The Stars Look Down. 340 
Looks Familiar. 340 The Sullivans. 
4.20 Get It Together. 445 Magpie. 
545 Sportscene. 

5.45 News. 

6.00 Thames at 6. 

(IS Crossroads. 

7.00 Dave Allen. 

740 The Streets of San Fran¬ 
cisco. 

840 Rising Damp. 

9.00 The Last Campaign. 

10.00 News. 

1040 Glad Day: “A Celebration 


for William Blake.’' by 
Adrian Mitchell, starring 
Jonathan Pryce. 

1L3fl Quincy. 

1225 aan. Close: Debby Cam¬ 
ming reads about famous 
men and women. 

All IBA Regions as London 
except at the following times:— 

ANGUA 

W am. Funky Phantom, 9-S) Welcome 
to the Ceilidh. 1045 UFOs. UjB Cardiff 
Festival of Cboira. 1135 Nobody's House. 
US iub. Anglia News. ZOO K owe parry. 
545 Today Mexico. Tomorrow the World. 
6m About Anglia tnclnrttng Police Call. 
7.38 Movin’ On. IUB The Prisoner. 1230 
am. Cb nci a n s in Acti o n . 

ATV 

10.15 m.m. The Secret Pony. M3Q 
Nobody's House. IUB PnzDe Party. UJO 
Jam. S-B The Adventures of Parsley. 
U0 pm. ATV Newsdesfc. 340 Upstairs. 
Downstairs. 515 Mediterranean Adven¬ 
ture. 64)0 ATV Today. 74» The Squir¬ 
rels. 73a Dave ABen. a30 Cmtle'a 
Assela. 1130 Boras. 

BORDER 

930 a-m- Welcome to the OHrih- 10-15 
UFOs. 1030 Cardiff Festival of Choirs. 
H-35 Nobody's Bouse. 7X40 R.m. Border 
News. 2.06 Hooseparty. 545 Indoor 
Leaxue. 6X0 Lookarouad Tuesday. 7jM 
Bless this House. 730 Dave Allen and 
Friends. LOO Charlie’s Ansels. UJO 
Baretta. W245 sun. Border New* 
Summary. 

CHANNEL 

US pm. Cha nn el Umchtfane News 
and What’s On Where. 545 The FUnt- 
stoaes- 64)0 Report at Str. 7 t» Treasure 
HUnt. 130 Dave Alien. IDjf Channel 
Late News. XL30 Dan August. XUS nan. 
Commeatairea at Previsions Meteoro- 


GRAMPIAN ; 

945 ajn. First Thins. 930 ft Life o n 
the Junks. 1045 Docnmemaryr UFOs. 
UJO Cardiff Festival of Choirs. 1US 
Notedrt House. 130 p.m. Carswn Tim*. 
24)8 " High Society.” starring Blag Crosby. 
Grace KeDy and Frank Stairs. 545 
Wings *n’ TW«pu 64M Cartan Time. 
640 Out of Town. 7J8 ThLa f c umnyilg. 
11.30 Reflections. XL3S Police Woman. 

GRANADA 

19JO The Monsters. 9.55 Cartoon. 194B 
Men of the Sea. 1A50 The Woody Wood- 
pecker Stew. 1115 Animated- Classics. 
UO p.m. This is Your Right. ' 330 Mr. 
and Mrs. 548 This is Your Right. 545 
Crossroads. &80 Granada Reports. 6JD 
Rolf Hands. 1 U» Po lice Woman. 

HTV 

9 J0 am. Welcome to the CelBdb. 1015 
UFOs. 1M) Cardiff Festival of Ctetrs. 
11J5 Nobody’s House. 130 pm. Report 
west Headlines. US Report Wales Head¬ 
lines. 2.00 Houseparty. 545 Stated 
Jrtaor. 5J8 Crossroads. 6J0 Report West. 
645 Report Wales. 6J0 Ouch: 7JO Tbe 
Bloete Woman. 8JB Cuckoo hi the Nest. 


1XJ0 ZxectRfre Stte. 

MTV Cymru/Watoa—As HTV General 
Service excepr. U0-UZ5 pan. Pcnawdau 
:*'e«7ffdics r Dstid. Y Mafehos 
GUs a*r G i c t atrxh. UMB Syrchd y 
Post U66I5 Y Drtd. 1BJB Y Flwydlyn. 
11 .RH 7 15 ajn- The Mataeni Enigma. 

HTV West—As HTV General Service 
except: 130-130 pm. Rcpar. West Head 
lines. 645-6-30 Report West. 

SCOTTISH 

9J0 a-m. lie Elertnc Tieaae Show 
10-15 Canoacs. 1QJ0 Feature Ftim: 
■’ Rockets Galore.” sumag Jeacale Car- 
son. Donald Stades and Roland Culver 
12J0 nan. Sounds asd Sweet Aav- 
Kenneth SJcKeflar talks :o AEy MacLeod. 
ZOO Feature Film: ”Eish Socles-.” star¬ 
ring Bing Crosby. Frank. Sinatra and 
Grace KeGy. 5JD Crossroads. 64)0 The 
Record Maker*—'Face HJL 7J» The 
Moppet Show—Peter Sellers. 7J0 Dave 
Allen. B4» John Cairney— Snvello. lOJO 
Late Cal UJ5 Jan Concert—Salma 
Jones. HJB Feature Pitas: “ The Savage 
Gma.” Barring Richard Rasetert. 

SOUTHERN 

9J5 u. Seas tbe Leprechaun. 930 
Welcome to the Cculdh. 1045 CFOs. 
70.60 Cardiff Festival of Chon*. UJS 
Nobody's House Ufl p.m. Southern 
News, z.00 Housep ar ty. 545 Elmers 
Pet Rlbbtr 540 Crossroads. 64M Day 
by Day. T4)0 Bless This House. 7JO 
Dave Alles- U0 Charlie's Ansels. UJO 
Southern Sew* Extra. U30 Tbe Practice 

TYNE TEES 

94s nan. The Good Word followed trr 
North East News Headlines. 930 Anna 
930 welcome to the Ceili dh . 1045 
C.F.O.s. 10 JS Cardiff Festival of Choirs 
U-% Soto One. 140 pm. North East 
New* and Lookarouod- 13D The Mar. 
Tyler Moore Stew. S45 A Day To 
Remem ber . U0 Northern Life. 700 The 
Squirrels. 7JS Dave ABen and Friends 
U0 Charlie’s Angels. UJO Pro-Celebrity 
Snooker. 1245 aan. Epilogue. 

ULSTER 

9JB w324)0 Aa AngBa. X4D pan. 

340 Mr. and Mrs. 4JS 


Ulster News. S45 Lassie. 640 Ulster Tv 
News. 64V Crossroads. 6J8 Reports. 
730 Survival. 730 Dave Alton. 
Charlie’s Angeto. 1130 Pro-Celebrity 
Snooker. 

WESTWARD 

930 son. Welcome to the Ceilidh. 1045 
U.F.03. UAO Cardiff Festival of Choirs 
14-35 Nobody's House. 1247 pm. Gus 
Hcateyteu’s Birthdays: 130 BVstward 
News Headlines. 545 The FHnmones. 
AOfl Westward Diary. 74M Treasure 
Bum. *-30 Dave Alton. 104* Westward 
Late News. 1330 Dan Angus;. 1245 a^n. 
Faith tor Life. 

YORKSHIRE 

945 a-m. A Big Country. 1045 Mumblr. 
HUB The Lost Islands. U30 Run. Joe. 
Run. 1130 CTm Ctab. 130 pm. Calendar 
News. 34D Houseparty. 545 Indoor 
League. 64)0 Calendar (Emlor Moor and 
Belmont editions!. 7.00 The Squirrels. 
730 Dave AOen. U0 Charlie's Angels 
1130 police Woman. 


RADIO 1 « 7 “ 

(5) Rmashnh broades t 
64)0 a^n. as Radio Z. 732 Nod 
Edmonds. 94K) Slaton Bates. 1131 Paul 
Burnett Including 12.90 pan. Newsbeat. 
230 RU Jensen. «31 Vs DL.T. OX1 
Indndtag 530 NewaftoaL 730 Folk 78 
(totas Radio 2). 1032 John Peel «St. 
224304235 am. As Radio 2. 

VHF Radtos 1 and 2: 64)0 sm. with 
Radio 2. including 135'pjn. Good Lieten- 
ing. 2UZ With Radis L 1220-1235 a-ra. 
with Radio X 

RADIO 2 1 ’ 50(hn ** W 

630 aan. News Summary. 6.02 Ray 
Moore IS) with The Early Show, tochrd. 
tag 6.15 Pause for Thought and 7.02 
Crtcket—Second Test: Paklstau v. 
England (report). 7*2 Terry Wogan (S) 
lndtaltag 8.93 Cricket—Sectmd Test 
(rather news), 837 Rating Bulletin asd 
A 45 Pause for Thought. 1032 Cricket: 
Second Test (teatlme report). 104B 
Jimmy Young (S> IndmHng 1X03 pan. 
Cricket—Second Test (report). 1245 
waggoners' Walk. 1238 Fete Murrays 
Open House (6) tadnding 1.45 Sports Desk. 
230 DavM Hamilton (S> tadnding 5.45 
and 3.45 Sports Desk. OH waggoners' 
Walk. ME Snorts Desk. 037 John Dunn 
(S) tadudlng 5.45 Sdotu Desk. 635 
Sports Desk. 74)2 Folk 18 (S>. 730 On 
The Thin] Beat (S). 14)2 Our Grade's 

80 ! a birthday tribute to Grade Fields 
fSV 932 Among Your Souvenirs (S>. 
935 Snorts Detic. 384)2 Beat the Record. 
UJO Kenneth MeKeUar tut Be My Guest. 
1132 Brian Matthew with The Lata Shaw. 
1230-124)5 u. News. 

RADIO 3 40dm, Stereo&VS2? 

■X Mediant Wave ntr 
CO) Quadras home broadcast 
435 a.m. W eather . 730 News. 738 
Overture <Si (VHF .only fna 7.20). 
£7.30-1830 Cricket. Second Test Pakistan 
v. ftd iri to te oad day), uo Mows 


(VEF Htty). 835 Morning Concert (Sj 
(VHF only). 930 News iVHF only). 
935 TUa Week's C om poser: Haydn (S) 
(VHF mb). 1030 Hobday Special <Sj. 
1820 Academy of tte BBC iSl. 1145 
Oboe Quarters and a String Trio (S). 
1235 pan. Cardiff Mid-day Prom, part 1: 
Glinka. Shostakovich »S>. U0 News. 
135 The Arts Worldwide. 140 Cardiff 
Mid-day Prom, pan 1: Rachmaninov iSf. 
235 Beethoven from Bristol (S). 3.00 
Settings or Byron (S). 3.95 A Little 

Light Made fS>. 4 jS Mendelssohn piano 
recital (S>. 545 Jaaz Today (St. 535 
Homeward Bound (Sj. 635 News. 640 
Homeward Bound (continued). &J0 Life- 
lines: Work and Training. 730 Bourne¬ 
mouth StafOtaens. pan 1: Hand?!, Haydn 

(Si. 835 A Self-Portrait. US Bourne- 
momh Slnfoulma. part 2: Stravinsky. 
Mozart (Si. 445 Haydn and Beethoven 
nlano recital (S). 10.15 Haitink Conducts 
Mahler (S and Q) (stmuKaoecus with 
BBC-2 television). 11.15 Daniel Detoe 
(reading). 1LS News. ii-Wt.ii 1 * And 
Tonight's Schubert Song (SI. 

RADIO 4 

434m. 330m, 385m and VHF 
- 635 «jw. Dp to the Hour. 632 Regional 
N-ws tvnn. 7,00 News. 740 Today. 
7 35 U p to the Himr (continued). 732 
(VHF) Regional News. 830 News. 840 
Today Including news beadlines, weather, 
papers, sport. 835 The Beat of Bierce. 
930 News. 435 Tuesday Can (Care of 
tense Plants), u.m Nows, inns Round 
Europe Quiz. 1030 Dally Service. ».« 
Morning Story. 1139 News. U_*s Thirty- 
Mlnnte Theatre. HJ5 Mountains Some, 
times ABow You to CUmb Hra. 

News. 1232 pan. Yon and Yaur Rome 
ted Family. 1248 Desert Island Discs. 
p*55 Weather, programme news VHF 
<e»qp tendon aud SE1 Rcgtanal News. 
14)0 The world it One. U0 The Archers. 
135 Woman's Hoar tntiuHne i«WC 
News. 235 Listen wtCi Moftor. 1.09 
News. 94)5 The Pickwick Pp ptn (Si 
639 ■ 8 m, UK SinWy 


Tune. 435 Siory Thna. 530 PM Reports. 
5.00 Serendiptty tSi. X&5S Weather, pro¬ 
gramme news (VKF) Regional News. 
630 News tadaduig Financial Report. 
630 Tbe Burkes Way. 7.00 News. 74B 
The Archers. 7JO Time for Verse. 730 
Bournemouth Stnfonlctta (as Radio 3) (SI. 
945 Dear Willie Hamilton: Selection of 
letter* be received In 19T7. 930 Kaleido¬ 
scope. 939 weather. U4» The World 
Tonight- News. UJO The Enthusiasts, 
pan Z: The Fenrtato Homing Society. 
1L0O A Book ar Bedtime: " The Spy Who 
Came In from the Cold.** by Jobu Le 
Carre, oar l. 1L4S The Financial Work) 
Tonight. 11J0 News. 

BBC Radio London 

200m and 94.S VHP 
6JM a-m. As Radio 2. 630 Rush Soar. 
939 Mews Ecra. 940 London Lire. 
1248 In Town. 1239 p.m. CaR In. taclnd- 
tas L0Q London News Desk. 2.0 ss 
Showcase, aju Horne Hun. 6.10 Look. 
Si 00 Listen (os Monday 1 . 730 in Town 
(as IL03 a-tn.t. 830 AfT That Jam iojb 
L ate Night London tiJO-cks* As Radio 3 

London Broadcasting 

261m and 37^ VHF 
too a.m. Warn Ira music. 6.00 a M. with 
Bob Hotness and Douglas Cameron » pa 
Brjn Harm, in p.m. LRC Peparts 
mcludlat Geem Gale's 3 O dock Call 
838 After 8—taith *« Glkhrut. i.ao 
14)9 a.m. Nlehrllne. 

Capital Radio 

194m and 95-3 VHF 
JJf" BMW’S Breakfast 

Stow fs i t DO Utchaa) Aspe) iSt. 12.00 
Dave Cash with Cash On Dtiltw *si 
330 o.m. Roger Scott with his Three 
f?' V® tendon Today 
15? Pam A.-tas amm 

M rtah te—Open Line (Si 
J:® 2 "ra»» rort pro g r a m m e rgi 

U W T oot Mracra Late Stew 299 

Doom Jotnaaos mate nigw igj. 




THE FIRST half of tiw onson Is the Flrat DWtatoo. art Jttrt 
in ti»e First Division has been a few s*ir th» top. batftg (UB 
picked with interest and enter- to watch. 
tainmeoL There has been i On the other feftodt. tr ft* 
welnse move tway from tit* tntttfcet I have sees to drttfttia 
negative to the positive, and tt does not eppear to l ** 1 »‘*oly 
is a long time since ro many mittfcndtnf ride* ftoogfe X tns 
dubs hero been rejfulariy pro- here to nffa my lwugmtst 
daring good end exciting foot- about Nottingham Forest whn 
ball. -,baT« ffatpirhed ewryfeody with 

Tbe parrolt of ROfth. rather their performance* 

than their denial, ha* come , . . imm ' 

into fashion, as hsve alHr 4 
winners and attacking Ideas. \ 

This trend b reflected by i| 
marked increase la hish-ecoring} 
eamns, like the nine gft-tll ? • 

between Blrmlncbam and Chelsea ■ ■ • . ■. ... ... . 

on Saturtav and fretwed fB»W dew wtot w*« 00 more 
Norwich and Coventry on B ’X- ghan a coapetwt Second Dw£ 
, nB Dav »oa efeib flbd itratf at (fee {ftp 

In recent yetrs the the to its in* aaaaon 

hn contained too many e«des». *ftB>o*«I tho elite? The mala 
riftetive. rather dull teams hrit<f«MM«r must he that outatandlng 
ins the kplrit of adventnro. Aitamapfll parttitrrahlp bjtWM* 
too often there have hepo-nrly Brian Clough and rrter Tbylor, 
naif a rtmen or so team*, ipelitd*. who have done It agftift. 
ing the two from ManrijKtrr, Knowing that he needed to 
who regularly spurMed hdth in otn ngtfeea bis waaa. dough 


SOCCER 

»T TREVOR MBIT 


victory and defeat. 


The'outlook for t^TS l* 
with the majority of thm 


. spent about £805.000 last year 
bright, and he has tougftr payers wt» 
teams- have slotted Is to tb* Fora* 


sysran, lToovocy au amTi 
pnrtaw alack purchart 

ShlUos, underilatoc *«__ 

fta vitei dlfferttM* * o*fe 

‘kttoratkw. 

Tfer now of Term baa bvt* 
•atsuA ttrtki dorttortf utt*. 
pool, Ma nH bft Btr Unite* A*«t 

ySt: 

uwnu Lnyracn not ariravk 
Pkyod to flik coktidan^ 
potential. 

Cvorton, who ftraad a -tin* 
with Form, bm a tw aa n abk 
efainct. wWk Artenat, who da* 
pnard U Ipawtok at BljKRiry 
>■0 ft « natter mmr.- tm 
wai^bnad bit * 

tetter bet for ffiV ceiMn than 
tbla SHY, r * 

be 


A _ 

Ignoted 
are „ 

beating — &* **• ^ 

: At tte efter etid of the tahbi, 
lirimter M : JParfc 

Rangers look WMtttee fbr tte 
drop Into rh«tHyMeo; 
hm West Ham. who nw^bieanie 
expert ertsprtoctste 
yean hare raffieiefft amt, to 
<Jo It yet again. k-; 



Brighton’s ten men draw level 


SOUTHAMPTON'S fall* * to 
hold a one-goal lead gainst 
BrMthton. who were to 10 
men for the last 37 n nines, 
meant that Biackbu _ n crept 
tnthta a point of tbrrn !n the 
third promotion plal 1 in 
Division 3. 

Rut South ampton’s 9 lendW 
rur. of nine points fra n five 
james. which has cotnevi d with 
iy^nnits departure for ti f US. 
has stamped them as :l • like¬ 
liest candidates to acn npgny 
Bo J ton and Tottenham h; * into 
the Firat Division. 

Not that there l* a ything 
certain :n soccer; Bolto 1 have 
heeo unimpressive m their 
visits to London. Tb>': were 
poor when Milwtll hca 1 them 
1—0 on Saturday, and when 
Tottenham ended a run 1 four 
home draws by beatlnc Black¬ 
burn 4—0. But Black hu; 1 yes¬ 
terday spun hack with I—0 
home win over Notts Cot aty. 


Choice 


Brighton tent »»U-lQ dieted 
adversity yesterday by achieving 
their fourth consecutive home 
draw, !—1. But tt wag only 
their second point In four (tames, 
and although they have not lost 
touch with the promotion raea 
thev have lost their goal sparkle. 

Referee D. Smith (Horn¬ 
church) was admirably firm, 
hooking five in a spirited match 
that never got out of bind. 

IVhen Bnahtou’s centre-half 
Rollins, who had been hooked 
for bringing down Williams after 
three mmures. caught Ball's 
intended pass for Boyer « 
minutes later. Mr. Smith had no 
option but to send him off. 
Rollins’s offence was patent and 
stupid. 

Four minutes later. Southamp¬ 
ton. who had troubled Steele 
even te*s than Brighton had 
worried Well*, went ahead when 
Williams tucked in Ball’s short 
forward pass. 

It might have been the open¬ 


ing of (be ffnndsattt. Bui. nt 
credibly. Sriph urn’s 10. aug¬ 
mented by tricky substitute 
Fates, In place of the injured 
Clark, stretched Southampton to 
the utmost. . _ __... .. 

They scored attar tt minute* 
when £100.000 defender La wren- 
son thumped In Ms first coal 
since- joining them for this 
season. 

ft- was hente-to-fbe-mourh 
stuff, with the amarine 1ft 
threatening Southampton’s goal 
with hold, excitinq attacks, and 
Southampton, masterminded by 
Rati, cxnloltlnft their advantage 
in weir-measured raids that 
looked hound to snatch a 
winner. 

Rut no jtoal came. This 
Have Brichtnn’s 32.979 crowd— 
their largest thl? season .by 
nearly 5.000—the sort of Cup-tie 
thrills they can hardly expert 
next Saturday ttainaf non. 
leaguer* Searbnrnneb. - 

JAMES FRENCH 


bf captain the problem 


NOW THAT tbe County fiham- 
pionshlp is out of the wa« with 
the North Midlands bating 
Gioncesterahire 10—7 in mixcit- 
mg final. English thou,htt now 
turn to the tDteraation.il tam¬ 
pion ship. 

England's flmt match' Is 
against France in Paris on 
January 21, but before th.it there 
is the final trial at Twickenham. 
The selectors have adopted! a 
traditional line of asking the 
Rest side to displace the previous 
season’s team. 

There are exceptions to dis¬ 
prove the cynical notion that the 
England side has been pre¬ 
selected and that the regional 
trials were merely window dress¬ 
ing. They were in part, but at 
least everyone with the minu¬ 
test claim was looked aL 
It used to be axiomatic that it 
is harder to get out of an 
England side than into it and 
perhaps that is the case this 
season. 

Even without Uttley England 
will have a powerful pack, noth¬ 
ing startling outside and the 
team will play again to its 
obvious limitations. These were 
nearly good enough to beat 
Prance last year but what must 
be remembered is that England 
are still essentially re-establish¬ 
ing themselves and that is the 
basic tenet tbat governs 
selection. 

The choice of captain is per¬ 
haps worrying the selectors* 


§ 


minds more than the team Itself 
and whatever qualities he has. a 
captain is only as goad as the 
players around him. All of us 
have different views on what 
makes a good captain but there 
are two common factors. 

First, he must be absolutely 
certain of his place and second, 
he must command the respect of 
hfs team. How exactly he leads 
depends on his own tempera¬ 
ment, but the good captain will 
know what motivates each 
Individual 

.England's hmgest-servlng post¬ 
war captain was John Puilln. a 
iUiet and.thorough technician, 
e did not have groat success at 


RUGBY 

BY PETER ROBBINS 


home but then ha was faced with 
an ever changing selection. 

Eric Evans, another honker, 
was England's most successful 
past-war captain and by his own 
admission not exactly cobra-like 
in his striking. 

Where Evans scored was that 
he was much older than the rest 
of his team and motivated them 
by ; an unashamedly emotional 
appeal. He also handled selec¬ 
tor* in a paternal way. There 
were better hookers around but 
not better captains. 

Tbe Welsh place great stress 
on emotion in their team talks 
and of course CUve Rowlands 


ban. a legendary reputation. 
These days, however, the Welsh 
respond more to reason for the 
players, now more established, 
know what to do and why. When 
a team la as experienced as 
Wales the captain or Coach can 
offer a carefully planned 
approach. 

Having said that it seems to 
me that Rugby has gone a little 
too far in the .regimentation of 
tactles and there is no dmiht 
that the standard of hack play 
has declined in Britain. 

■ But what choices do England 
have? Cotton and Nwuv are 
both ex-Enel and captains, but 
Rafter is the present incumbent 
at flank. 

Cotton ts sure to keep his plate 
as is Wheeler, the hooker, for 
whom there was a deal el sup¬ 
port early in the season. He 
fulfils the two fundamental 
criteria but. is .perhaps not jtt 
ready to take on the cares of 
captaincy at international level. 

Barrie Coriess made a good 
job as captain of the Midlands 
regional sid* stiff h« ;is a most 
dependable player, but perhaps 
not totally sure of keeping his 
place. 

Beaumont will lead England 
on Saturday and he appears to 
be a good all-round choice, 
though if be gets the job (and 
1 hope he does) he will need to 
'Show more vision. !• believe his 
appointment would Increase his 
stature as a personality. 


Adventure facing strong winds 


A BREEF radio report received 
from tiie joint Services crew 
aboard tbe Naval yacht Adven¬ 
ture, indicates that the halycyon 
conditions of the opening week 
of the third leg of the Whitbread 
round the world race from New 
Zealand to Rio, via Cape Horn, 
are over. 

The 55-foot yacht is beating in¬ 
to winds of 50 knots about 1.000 
miles east of the southernmost 
tip of New Zealand, an area 
where the following winds of 
tile Roaring Forties and Fifties 
might have been rxpected. 

These severe conditions have 
made radio contact difficult and 
an overall handicap placing is 
virtually impossible to calcu¬ 
late. 

Heath’s Cordon Is thought to 
be leading the 16 yachts east¬ 
wards with the Dutch ’ ketch 


Flyer, overall handicap leader of 
the' entire race so far, in sight 
astern of her and she, in turn, 
just ahead of the French ketch. 
Pen Dulck VI, who joined the 


YACHTING 

BY ALEC BSLBY 


last half of the race in Auck¬ 
land. 

The protest made to the race 
officers by Leslie Williams, skip¬ 
per of Heath’s Condor, against 
Eric Tabarly*s Pen Quick VI has 
still sot been resolved. But there 
is more to the protest than a 
mere disagreement over rules, 
tbe use of exotic materials and 
age allowances. 


The deliberations at Forte- 
mouth over WBUams' protests 
may solve the technical differ¬ 
ences between the two yachts 
but the ‘'needle*-between the 
two skippers have grown from 
seeds planted somewhere in the 
ocean daring the transatlantic 
race of 1908, the.first.two stages 
of the 1973-74 Whitbread rare 
and half a dozen other events 
before and since. 

A similar teeHng of rivalry 
exists between Tabarly and the 
patriotic ■ Robin Knox Johnston 
who will skipper Heath's Condor 
on the final leg from.-Rio te 
Portsmouth. It is very probable 
that if Tabffriy is allowed to sail 
this tog- williams will - stay 
aboard Condor with Kuo* 
Johnston. 


Winter keeps fingers crossed 


AS THE season enters its most 
critical stage with the lead up 
to Cheltenham and the Festival 
meeting, two men look set to 
dominate their fields. 

In the training sphere, Fred 
Winter appears Ukelv again to 
have the measure of his rivals— 
;f not in number of winners then 
almost certainly in prize money 
—while the North’s top raider 
Jnnjo O’Neill is already in a 
virtually unassailable position, 
ahead of John Francome. 

For Winter, whose Uplands 
stable scored with tbe highly 
promising Gruffanderim and 
that pnpular veteran. Sonny 
Snmers, no Saturday, the next 
too weeks will simply be a 
question of keeping his fingers 
crossed and hoping >fcai nothing 
qnes wrong to dash his stable’s 
Festival plans 

So often la the post, a 
tremendous run for Uplands has 
ended an a disastrous and some¬ 
times tragic note at Chrltcnhara 
and no one is viewing the meet¬ 
ing with more caution—not to 
mention trepidation — than 
winter. 


However, on the face of it he 
has plenty to smile about and l 
can think of no trainer who 
would not be prepared to swap 
his band come March, 

Witt Pencil! now retired and 
Snow Flyer still far from right. 
Winter will have to rely on the 
seven-year-old Midnight Court 


RACING 

BY DOMINIC WIGAN 


m the Gold Cup. a rare which 
has never gone right for 
Uplands. 

However, the four-times cham¬ 
pion jockey seems far from 
worried by tte age and inexperi¬ 
ence of the Twilight Alley gold* 
mg. 

He rightly points to the fact 
that Midnight Court will hare 
had a considerably bolter 
grounding by mid-March than 
the luckless Lanza rote, who 
slipped up a year ago 

Jonjo O'Neill, who travels the 


length and breadth -Jtf the 
country in his qutet far rift tm©« 
—even if they be in selling 
phtte»—is well on his w Jo 
passing , the lfift-mark. by »• 
festival meeting. .■ 

He is now nilfiff .asr.«jj’ 
money chance to crag* Ron 
Barry’s remarkable recwd_0fl« 
success**, aehtewtln the 1S7I-35- 
snason. 


CHELTENHAM 

UJHk-Itoufeto Btaff 
1 . 00 —Allied Carpett 
1 . 35 —Hipparfon 
2.!fi—Wr. Straight 
3 . 45 —Peter Scof .. . 

ilS-Wppin Witt: . - 

• ' AV*K J •" 

1.15—Wndl»pe**? r . ■. 
1 . 50 — 8 a<ttomei*> : . 

ntitrove i 

M 0 ~ 8 oUy Tww;;:; 

’- FLUMPTWt ^ 
M 5 —rtairayboy*V V 
*,«—Ottmky J®a .'V 
3,13—Carina " 














"3 % 

-J- •pU' 


20 minutes before the house- 
lights go down, for first we have 
the ugly face competition for 
volunteers from the house, a 
competition that Quasimodo, 
hideous scars and matted hair 
hiding Bill Wallis beneath, gate¬ 
crashes and wins hands down. 

[ The play is said to be “for 
* adults (over 12).” and there 
is certainly a good deal of 
sophistication about the fun, 
with references to religious, 
political and (though never 
offensively) sexual affairs and 
the presentation of an uncommon 
quantity of cruelty and death. 
Let this not distress anyone, for 
such matters are dealt with only 
as material for laughter. The 
principle is that employed in 
such entertainments as Tom and 
Jerry cartoons, where the inflio- 

„. _ „ . -----— tion of'appalling but unbeliever 

Patrick Wheatky wd Denis Dowling torment is almost the sole 

' content of the jokes. Quasimodo 

Coliseum . is savagely flogged at one point, 

hot _ the executioner (Timothy 

. - —- _ Davies) treats Ms performance 

From the House of the Dead iSIM-I 

os in Hamlet. 

by ELIZABETH FORBES boS. 

w „ casual that you might imagine 

*? 0f>era based shattering than memory recalled, Charles Mackerrac. ww w . the business made up as it went 

on Dostoievsky^ gloomy master- while Ralph Koltai's bleak sets anA * e nunaatI o°. does not make along—Crincoi re (Joss Bucklev) i 

piece, the semi-fictional account adapt well to the larger stage inrairerS man! e ^° ugh °, f Luka Kuzmich 's first- for instance, calling totoe i 

of his own experiences in a of the Coliseum. Only the ances nf S Thi na Sph n « n £filc^:’ ^ n “ onolo e ue -oor does Geoffrey violinist in the balcony to stoo ' 

Sibotan prison, is not the most prison hospital in the firet scene work!. Bm deSft^thSridTtv inn/^Vh S 5‘ sb ; sentimental music when thE i 

gg =& a sirsawjs i 

S@P5^-wS , SShS ” a ,s Th ' t C ° n Sfer an ' a c™c r S STtbTof SL' V, I*"*,!v K Wi? ‘ h0W I 

2*2? dVSr^nsT F On'ibe^em? thT^TiriS? 1 par ? cula / Near j>' al) the singers are tackl- previously crossed C ° nVl *** story serves only to 1 

2JL U 3Su K’ I he con ‘ the u ? de ” rurrents of violence mg their roles for the first time rnr*«.»irL I establish- that Notre Dame c 

^£Z* tJ 2 h /i.i itnJir J! 0 JIj ar U! e ? ac,n € beneath the boisterous aod clarity of diction will no Go| Cyanchjkov, the political j idesigned by Paul Bannister with 

wSSS hl ? spi , nte -. Individual nar- doubt improve with each per- P” son ®r who represents Dos-1 crenellated balcony, a bell and I 

^ „ KqU ^ r 0f th « rau , on s of Prisoners, which form -formance. P toievsky. is a fairly passive I a sinister rose-window) VontaSS i 

toe erapSn SatsumSS'his sublet* msSS °L the “?*"’• Gregory Dempsey, one of the character, and Patrick Wheatley I» wicked priest (James Carter) t 

music and which illumfnates an integrated into’ to?- dramaS I?!*. ** F. 0 ^ n ?L yet ** “Perience to [“J • J""*****■ J* 5 


in deference to public opinion 
the last scene is played again, 
and this time Quasimodo, 
miraculously restored to come¬ 
liness, marries the gipsy as 
Gudule. released from her cage, 
smiles over them. 

It's a pity Mr. Bogdanov 
doesn t take bis respect ' for 
public opinion a stage further 
and cut out the words that the 
children in the audience are 
going to take away with them. 

Whatever it says in the pro¬ 
gramme. the over 12s may well 
be accompanied by their youxiger 
siblings, and to ask them to join 
the chorus of a song that runs 
“ Bums and tits, bums and Tlte, 

20 times a day,” is lunacy. 

Without stopping to think, I 
could name half a dozen parents 
who would deny their families L . 

the many joys of this production 
on that ground"alone. 



Coliseum 


BiH Wallis 


From the House of the Dead 


Wfguvore Half 


Fujikawa and Roll 


by ELIZABETH FORBES 


DAVID MURRAY 


Though she has made ner 
name in international competi¬ 
tions, Mayumi Fujikawa's choice 
of programme for Sunday even¬ 
ing suggested an essentially 
lyrical player—violin sonatas by 
C6sar Franck and Prokofiev and 
Schubert's Grand Duo in A: no 
obvious display pieces, difficult 
though the Prokofiev (his so- 
called “First") is. 


uuvci. Mao4o.Tv ctfumn suppress *9 large a part of the operas Ci 
toe compassion that suffuses his subject • matter, are skilfully few 
music and which illuminates an integrated into the ■ dramatic tinn 
otherwise blackly pessimistic unity. J-k,,, 

text-his own adaptation-with Musically, too the inmimer. San 


ie» survivors irora tne proauc- u «*s noi yet tne experience to. uuucauacK, mat me 

tion’s original cast, is a powerful make him more positive, but his! s f w ^ s Paris house a band 

text—his own adantatinn_with m..- s ,, , . Skuratotfr-no difficulty in under- farewell to the young Tartar I 1 hievmg beggars captained by 

hone P* 1 _ Musi catty, too. the inuumer- standing his words — while prisoner. Alveva (convincingly! *^ T e e J QcIlantin S Da vid Rappaport 

J Goiin Graham’s production diverse themes are Denis Dowling remains impres- played by Sandra Dugdalei is fi 1 ^ ree f ? et ° f him - and that 

unseen* a ictdTaS ^ combing into marvellousjy «ve as the sadistic prison Com- moving Alan Opie. as Cfaefc” I*? e **»' gi r' Esmeralda (Morag 
Sadler'ft Wells is hitlj homogenous, but never mandant. Emile Belcourt, nov, romps through the part O f!? ood ' actm 8- singing and 

Sadlers wells, is even more bland orchestral texture by usually so punctilious about pro- Don Juan in the two mimed l dancmg delightfully) turns out 

.. .. .. Plays, and Stuart Kale contri- t0 the long-lost child of the 

WtfifMOr# HaU butes a memorable sketcb as penitent Sister Guduie, who has 

nifinvi * noH Shantin hir _.v, SDent the evemnp in a vnet hiw«- 


r --- —V ■ .uu.,u 6 moil as UDeKU-ln o" 1 -\iuuiag 

but never mandant. Emile Belcourt, nov, romps through the part of |Hood ' actm 8* singing and 
texture by usually so punctilious about pro- Don Juan In the two mimed l dancing delightfully) turns out 

plays, and Stuart Kale contri- t0 fae 1116 ,on g-l°st child of the 

. . . . nonit&nt Cietsr Ou4i,l. ...v. i_ 


The English Concert 

by RONALD CRICHTON 

-. *nie Jwt of the four Wigmore best in Baroque oomposefs. Their seems to press fn an attempt to 
Mil- concerts given -by the responses, and their ideas of compensate for the (by modern 
English Concert, the group landscape, were perhaps too standards) comparative lack of 
directed with such address by readily formalised. None of the volume obtainable from a 
Trevor Pin nock, filled the house pretty pieces heard- on Thurs- Baroque bow on a Baroque 
an Thursday for a seasonable day was so evocative as the pas- violin. Once noticed, this be- 
programme. And a . pleasant, toral music written (often on comes terribly irritating. Is it 

S atie way It was of coming distinctly profane subjects) by really necessary? When played 
ck to life after the holiday Bizet, Gounod. Berlioz and Liszt softly, without pressing, the 
break, even if by the end of in the 19th-century. sound carries perfectly well. 

prosramTpe the eaT ? did Playing on Thursday may With that reservation the play- 

; *S!iLT V€,r ’ s * U ^ ei * with Christmas have had something to do with ing of the soloists from the 
wr®. it. The fast movements, light, orchestra — Simon Standage, 

" Bach (the D minor concerto cris P and glinting, went beautt John Holloway. Monica HuggetL 
-fprtwoviolins) and Handel (the The movement of the Alison Bury and, especially, the 

F maior Groan Concerto on * “usw up and down toe page m cellist Anthony Pleetb—was full 
Nb. 8) were surrounded P bv lhe finale of the Bach was almost of good things, although Mr. 

\ <5nvTIi i* 1 nor la Notte di tangible. In the slower pieces Standage rushed some of 
tMrtalc"). the Pastorale- “per °“ c ***?» daub f ts. not “Winter Hr FMnttd 

J ft " Rantissimo Natale" from concerning the wisdom of using f f n r °“L 

f'Manfredims C major Concerto P 6 ™* 1 stnng instruments, hut “d cba “ b f n r ®S an *j!;S n * Jlf 
thsw, “ Winter" from Vivaldi's concerning the way these ones JPart in the Handel most 
, 7>r .tniwij.-i and that master's wore.played. J' 

on S Xo ll m D minor, whirh To ,s ,B difficult for a nonr Incidentally, vivaldis great if 
wmed to be sparkling with P J ayer and non-expert to describe repetitive talents stand out 
hdsr-frn«;t fnr the ocmirni —something to do with that much more sharply when he is 

classy, dragging sound that represented by one or two works 
(Vm I era pi all on of the manger comes in sustained notes soon, in a mixed programme than in a 
did not invariably bring out the after the attack, when the player one-man scheme. 

Paris Theatre 

The Russians are coming 

by OSSIA TRILLING 

. The long-awaited invasion at The four plays staged in Paris deed poet's poems and speeches 
*he West bv Moscow's foremost have stood the test of time to re-create the man the spirit 
theatre. On the Taganka, is over, extremely well. John Reedi of his times grips the imagina- 
Vuri Liubimov's reputation as Ten Days that Skook the World, tion as firmly as the plays with 
Rtuma's pre-eminent director- first seen 12 years ago. "a popu- stronger story line, 
onager has withstood (he lest lar spectacle with pantomime^ Among the numerous visual 
i WE critical and public acclaim, circus, fireworks, and rifle-shois, effects, none is so telling as the 
■a the tollhouses at the Theatre is just that with a cost of more blinding curtain of sloping light - 
National chaillot testified, than 50. Most of them reappear emanating from below-stage 
One question remains. What in Liubimov’s version of Gorkrx irom where the footlights should 
could btvt been the thinking of Mother, for which unusually be. The harnessing of intricate 
hatters m the Kremlm when well-drilled l0cal supe^. stage-lighting effects to both 
repeatedly turned down Sir numeraries have .been recruited technical and phychological ends| <_ 
DnifaenVs invitations to as soldiers. These act as scenic i 5 most impressive in Hamlet, 
and ius splendid actors background to most of the especially when actors are 
w take nan m the World events, marking-time, marching systematically spot-lit through 
Theatre up and do™- aQ d -carrying om stage-traps. In this play, the 

-Iteobimov’s smriiual models, all sorts of barrack-square grave, with its small mounds 
SianisJavSw * Moverbold. Vakh- manoeuvres with exemplary of earth and ever-present greve- 
Hn&f and*Bwhi reproduced precision, as the young-lookmg diggers, permanently downstage- 
to lareJ in the Zinaida Slavina, without make- centre as a symbol of mortality. 

SrfbgZ C nnd\X Sp. brilliantly and movingly and .the legendary, earth-grey 

aii sucsests middle-age and the curtain- of - homespun weave 
S^iJSSL 10 SSS of aging, bodily and which almost steals the show - 

StalinTdoMh: SSSSn? ° { from H , T -be Players, also stick 

>■ LiuhirnTwas not allowcd Tsarist repression dawns on ber v,vidi y in the memory, 
to show his Brechtian-Moyer- Various theatrical genres The curtain, as wide as the 

Ndian rrwrtnire to capitalist from political cabaret to psycho- stage, displays some v6r- 
tttdwbres before remains some- logical realism are blended mto satiliTy. acting as wall, back- 
ftihg of ■ mv'tiHT but at least a homogenous whole in a cloth, partition, as arras for spy- 
Uui's Ml nver now The theatre manner few directors have inc or concealment, as throne, as 
-will be vi‘lime the l-.S rhts succeeded in creating so sbil- table or chair, and above all as 
^ar. a!thnu”h Britain is still left fully- Even the didactic HarfeJ a g j ant broom to sweep the 
Out in the enlrt ifnpnfeorskp - w hich uses ihe players willy-nilly hither and 

— o n ------ thither from one part of the 

1 stiige to another. 

Boris Pasternak’s evocatively 
7"fl if Mil faithful and rhytbmicalty stun- 

. . .. v ■ all ning translation has been cut 

W pleased to announce that with immediate enect an and trimmed or transposed to 

necesaarv amendments have been made to its following suit the interpretation. This . 

system* as « result of the Treasury abolishing the 

“25% surrender rule” I I he will—or. in the amplified j | 

* ALL PORTFOLIO VALUATION PROGRAMS j Hamlet s death (Fortinhras. as I j 

■k rONTRAOT NOTE PRODUCTION PROGRAMS . in Olivier's film, haying been 
W UUNTKAWWiar _ p - totally eKminated): “WTiat is a 

Further information from: SCAN 88 - man if hts chief good ., . 

- LondonEC1H5HP Td:01-2420747 WbcMUTI J J^ut^eep and ted ... a 


iuu aiudn Jtvaie ranOT- ~ »vr- 71 '■“‘U me 

butes a memorable sketcb as P emtent Sister Guduie, who has 
Shapkin. his enunciation the ®P ent fbe evening in a vast bird- 
clearesr of anybody’s. The male i ca § e over tha audience throwing 
chorus sings with greater involve-! abnse “d 513,6 f °od at the 
ment than in any previous pro- '• actors - 

duction this season. i The play seems to end with 


Miss Fujikawa had the pianist 
Michael Roll as a fully equal 
partner, to the considerable 
benefit of all three works, none 
of which should be entrusted to 
a workaday accompanist: 

The Schubert fulfilled one’s 
expectations at once, and very 
happily. At her first entry. Miss 
Fujikawa took up the theme and 
carried it tenderly straight 
through its whole paragraph 
without a second breath. AH 
her melodic playing proved to 
be like that—long-lined, shapely 
and serenely confident. And she 
was no less sweet-toned and fresh 
in the Scherzo and the Finale, 
which sparkled lightly. 


The emotional climate of the 
Prokofiev F minor Sonata is 
worlds away, but Miss Fujikawa 
penetrated it by sheer sincerity 
(and with fine technical aplomb). 
It is a strange, clouded work, 
apd she and Roll dispelled any 
hint of mere perversity in it. 
Roll was admirably decisive in 
dealing with its most ambiguous 
passages. 

Their account of the ultra¬ 
familiar Franck sonata was as 


impassioned as it was assured** 
unusually searching and un¬ 
hurried in its last two move¬ 
ments. Miss Fujikawa made 
something memorably piercing 
of the big tune whicli occurs in- 
both of them—her unerring 
attack on such broad-phrases was 
one of the particular joys of her 
playing. Roll's part sported' 
some enthusiastic inaccuracies, 
but the scale and muscularity of 
his treatment again made virile* 
support for his partner. ' 


Muhammad Iqbal exhibition 


Although the name is still not 
widely known in the West, 
Muhammad Iqbal (1877-1938), 
whose centenary rs being marked 
by an exhibition in the British 
Library from January 6 to April 
2 . has long attracted the atten¬ 
tion of Western scholars of 
Islamic philosophy and literature 
and most of his major writings 
have now been translated into 
at least one European language. 

On display here for the first 


time outside Pakistan will b«' 
selections from the original 
manuscripts of many of Allama 
Iqbal's works, in his own hand-' 
writing. These have been made, 
available by the Government p£ : 
Pakistan, which recently acquired' 
them for the nation from Iqbal’s 
son. together with his house iir 
Lahore. 

The exhibition has beerr 
arranged by the British Librarv’s 
Department of Oriental Manu¬ 
scripts and Printed Boobs. 


BUSINESS AND INVESTMENT OPPORTUNITIES 

READEKS ARE RECOWWENDED rp TAKE APPROPRIATE PROFESSIONAL ADVICE BEFORE ENTERING INTO COMMITMENTS 


Finance 
for Growing 
Companies 

If™ are a shareholder in an established and 
growing company and you. or your companv, 
require between £50.iXXi and 4‘LftOunO tor am* 
purpose, ring David Wills. Charrerliouse Development 
Investing in medium size companies as 
minority shareholders has been our exdusix e- 
business for over tom- years. \\ 'c are prepared to 
consider new investments in both quoted and 
unquoted companies currently making over 
-00,000 per annum pre rax profits. 

g| CHARTERHOUSE 

Charterhouse Development. 1 Paternoster Row. St Pauls, 
London EC4M 7DR Telephone 01-248 3999. 

~ ITALY ~ 

Italian Lathographic-Paper-Compauy 

IS LOOKING FOR AN AGENT 

particularly introduced into factories interested hi printed 
nara carton packages and microwave. 

Write to: Mario Zafferri S.p_A„ 

4. Via Cicerone, 43100 PARMA (Italy). 


COMPANIES FORMED 

Experrif. xpeedi* r . throughout chi 
■ro'-d Compart oar prices. 

ENGLAND .«... £69 

ISLE OF MAN . £98.44 

GUERNSEY.. £250 

LIBERIA - U.5JS870 

SELECT COMPANY FORMATION 

1. Athol Street. Douglas. f.o.M 
Tel: Dtuglas f0624 1 23718, 
Tetwr: 623554. 


LIMITED COMPANIES 

FORMED BY EXPERTS 
FOR £n INCLUSIVE 
READY MADE £80 

COMPANY SEARCHES 

EXPRESS CO. REGISTRATIONS LTD- 
30. Oty Road, E.C1. 

01-628 S434fSf73t1. 9936 


WANTED 

Jomery/Shopfitting 

Company 

Our client is a major construction company in the 
U.K. and part of an international public group.To 
provide expansionfortheirown successful activities, 
they wish to purchase a company engaged in the 
manufacture of joinery, shopfitting or allied 
products. 

Preferred location is North or West London or 
adjacent Home Counties. 

' They are seeking good modern facilities with room 
for further expansion (in total approx 50,000sq.ft 
or more), together with a sound management 
nucleus and skilled labour force. 

Enquiries from principals/accountants or solicitors, 
in stnetest confidence to Rubinstein Callingham 
(Solicitors). 6 Raymond Buildings, Grays Inn. 

London WC1. (Ref: AJH). 


A SPACE AGE 
OPPORTUNITY 

Computer Fortnji Limited offer exclusive irea franchises inr this n>«ni»nmun. 
Computer Portrait Sntem as wrremly operauiwYiiladhu! 2nti 

con, ®* eU! Syiten -mih eSSj^nrS ■«££ 
able lo companies at a substantial discount. A minimum investment is £8 75(1 

Space required is 9 so metres UN sq. ft.). The Sysirni involves ttu. nic, L 

ttaJnlng. new prodncis. CM ran seed service and maioienao^. ™ ““ 

Imporuint locat ions arc available id the provlaces 

oleafSiTe m' rnn#a ° D “ d *“ >n aelusive franchise 

COMPUTER. PORTRAIT (FRANCHISING) LIMITED 
Cafe Royal, M Rcoem Strest. London. Wi. 


Business and 

investment 

Opportunities 

Every Tuesday and Thursday 

jfe tegl? Per s ingle column centimetre. Minimum 
o centimetres. Forfurther information contact* 

01-2488000, Bet456. 


IBM ELECTRIC 
TYPEWRITERS 

Factory rtconditinned and (uanntaed 
by IBM. Boy. nvt up m <0 p.c. 
Ltau 3 year* from £3.70 weekly. 
Root from £2’ por month. 

Rhone: 01-441 2365 


COMPUTER SYSTEMS 

W»II cicibluhed. profitable mini- 
computar tystem* touts with wide 
cut comer bus in icurh«rn U.K. ictks 
■addirionaJ epuicy/loan capital to finance 
rapid growth planned (or 1978 and a 
develop large market potential. 

Of* C.If7J, Financial Timet, 
>0, Cannon 5troot, £C4P 4BT. 


‘ SECURITY SYSTEMS 

Expanding group of ueurity companies 
in Kenya are intersited in lecunng 
ajsncy repretgnution (or leleccod 
turopean companiei tpeciahaing m the 
fisld of iccurity equipment. 

Pltau write InitlaHv gfWng Mien 
IB ap* 0.1174, Financial Timer. 
10 , Cannon Street. £C4P 4BT, 


£50,000' 

required for J.* period "to 

finance additional- working capital 
requirement of rapidly expanding com- 
P»ny m skateboard manufacturing and 
distributing. Safes are only limned 
by available finance. . Excel lam return 
Plus a shire of die cage, 

Prine/flo/s only to Bor C.M75, 
Financial Timet, w. Can non Street, 
E C4P 40Y. 


ACTIVE MEMBER ] MO DEATH DUTIES 


with useful commission income 
seeks association with member 
firm possibly combined with 
salaried dealing. 

Write Box G.1177. Financial 
Times, 10, Cannon Street. 
EC4P 4BY. 


Invest safely in Queensland. 
Australia, where death duties 
have been abolished. 

Call 01-029 5886. 


INTERESTED IN THE 
NORTH AMERICAN MARKET? 

U.K.-ownea light cngnmring factory 
based m Dallas, Texas, has capacity 
for manufacture/assembly of additional 
products. Office/aeeoti ruing/ware ho us-', 
mg facilities also available. Inquiries 
welcomed from European companies' 
interested in establishing ■ U.S.A. 
manufscturlng/dittribution base. 

Write Box G.1177. Financial Time*, 
10. Cannon Street, E C4F 4bY. 


TEXTILE COMPANY 

The whole of the nuied ihare capital 
or a West Yorkshire close ci-mpany 
is for sale. The Company are makers 
of specialist rams having well estab¬ 
lished connections wirh leading manu¬ 
facturers m the North o< England. 
Average tu-no*cr lor the past three 
years £352.518 and profits showing a 
good return on capital employed. 

For fur'fc-r informoriB-i opply: 

Box N.P4B7, Williams's 
Advert He mmt Officer Ltd. 

1 Piccadilly. Bradford 
W. Yorks. BD1 3NG 


RATTAN AND CANE 
FOR EXPORT 

Write: JfNNO 

Serangoon Road, 

P.O. Box 72 
SINGAPORE (12) 


WANTED 

An established building firm witb^ 
experience, capability and Fmtseiai- 
backing to undertake multi-million pre* * 
cast, pre-tr-cssed and conventional J 
building contracts in the Middle East,; 
to form a Consortium/Joint-Venture 
with *n Arab Company. 

Write box G.IJ73. Flnanclsf ffmei.i 
10. Cannon Street. £C4P 4flT. 


I CORRUGATED CASE 

MANUFACTURER ; 

Wc require an experienced entre-'. 
preneur to sequi-e the control of i 
company specialising in th* minufac-^ 
ture of corrugated cum. The eom-s 
pany could have a bright future with' 
strong leadership and a fresh injection 
or c. £20.000 capital. 

Write box G.IIJg. Financial Timet, 

! f0. Canno n Street. EC4P 4bY. 

CITY OFFICE in Banking area to snare 
jsius terviceft Sort consul tart [mill 
business, ete. Trt D1-Z4B 7Z5B 


PLANT AND 
MACHINERY 

— 

GENERATORS 7 

' over 400 sets in stock 
lkVA-70flkVA 

Boy wheto'from the nunofactoreet 
until full after-safes torrlu: 

CLARKE GROUP 
01-985 7581/0019 

_ Telex 897784 ^ 

FORK. LIFT TRUCKS—USEB, bieeilitu 
-■.•wwof over 100 trucks, leading-iSekM 
‘ I B T IJnul * <iur cra colours Otrsei. 

electric o' aas ooerated. List sue um 
ww* end noon »JSC 

<■»» reduction on OglP.’oirt 
L 1 ? 8 *** Deliveries arraagod' inmiwf 
Blrnungnam Fort Lift Truck un ujls 

SMSE-bwb jr m 












OVERSEAS NEWS 


Ecevit set to establish 
new Turkish coalition 


BY MET IN MUNIR 


ANKARA. Jan 2. 


'Sabotage 
suspected on 
Air India 
crash 


WORLD TRADE NEWS 


Financial Times Tuesday ^ 


World trade in coal may 
be doubled by mid-1980s 


BY JOHN LLOYD 


MR. BULENT ECEVIT, leader of The Cabinet-is expected to be for 2fl months before last June’s* 
the Social Democrats, who was announced within 48 hours and elections and five months after' 


By David Housego 

BOMBAY. Jan 


designated Turkey's Prime Minis- he aDnmved hv President Fahri jt - had tost its majority in the- . .. BOMBAY. Jan I 

ter yesterday, has gained suffi- ?■JrESS Ll„Ii Assembly when 12 deputies quit Indian navy m-meht felt 

oent support to form a coalition K ° rutur ** 11 “ ?? ,y a f su ^® d Mr. Demirel’s Justice Party SSLiJl- d fV,J°A^ d TrJ!^ R^fne 

government, it was learned by f p ^? deuce ln M***- Eleven of these are going 1gSSjj'era-toed fist nSu toortl? 

•«SB"“25r 'E *T ’SJSTSL_ tosupponMr - E “*"- iSKfiStt*SSUfT®- 


Public support has been Mr. Ecevil's Government will _ 

pledged to him by 11 indepen- have two vital characteristics p 9* ^„£j° 
dent deputies and by the Right- which will tint its admin strati on. 5fS v i t «,J s - ^2SP d IS c !u® 

wing Democratic Party (DP) It will be a union of Social !HL? nd JS£ r ?wi222 0 * lt !f n f 3? 
which has one deputy. Although Democrats and conservatives and ~? re ® parties which made up Mr. 
not saying so publicly, the it will rest on a very slim Oemirei s coalition. 

Republican Reliance Party majority. It is expected that The government change in 
(HRP) (also Right-wing) is none of these will make It easy Turkey comes at a time when 
reported to have decided to par- for Mr. Ecevit to take radical the country is suffering from 
ticipate in the Ecevit coalition measures. - acute economic and social prob- 

with its two deputies Tbe tripartite coalition under 1 «m and facing a host of foreign 

W t^ d EFjPi&VR Prime Minister Suleyman P°Ucy questions. 

Republican Peoples Party votes P 8 ™ 1 ? 1 forced to J PB $ n last If he does win a vote of con- 
S toe N?tionaI Assembfy pul Saturday when Mr Ecevit sue fideoce Mr . Ecevit ^ have to 

Slg him ™ To“bmi P « a it in tte “ m ' ,,e,e =“g. si g° 

absolute majority of 226. confidence agamst it in the a7J agreement with the IMF. He 

The price of this outside sup- 1S ?he bl J™^hteh to wil1 have 10 prepare a Programme 

port will be high, according to I*!?* ‘“J 1 L*?"® of economic austerity measures 

the sources. In exchange for ^ To supplement the one that the 

their allegiance. Mr. Ecevit pro- th ™ w DeIn ! r ®! outgoing government bad started I 

mised the independents ten Cabi- a | ain t , JJf ld 2 ^®2, r and will probably devalue the 


ins 213 passengers and crew 

By dusk helicopters and patrol 
vessels had recovered 17 bndies. 
The wreckage Is thought to be 
in shallow waters about two miles 
offshore. 

Sabotage is widely suspected 
to have been the cause of the 
accident though officials declined 
to comment on this. According 
to eye witnesses there was a 
massive explosion before the air¬ 
craft tumbled into the sea. Radio 
contact was lost moments after 
the pilot acknowledged a request 
to report when be had climbed 
to 8,000 feet. The aircraft was 
less than three minutes out from 
the runway on a scheduled flight 
to Dubai. . . 

Bombay airport, which has .a 
reputation for lax security in 
checking passengers, was where 


net seats and the RPP two out Mr - Bemirel who then resigned. Turkish lira by about 20 per! the four members of the Japanese 


of a total of 29 seats. 


The Demirel coalition, in power cent. 


Gandhi seals party split 


BY K. K. SHARMA 


NEW DELHI, Jan. 2. 


MRS. INDIRA GANDHI to-day severe strains have developed In Reacting sharply to the develop- 
finally took the plunge she has relations between them. AT least ment the Congress President 
been threatening for the last three of the five groups have Mr. Brahmananda Reddy, 
three months and declared her former Congressmen as members declared that the Congress 
faction in* the Congress Party and there is considerable sperm- headed by him is the "lawful 
the "real Congress" thus put- larion that they will align them- body of Congressmen” and a 
ting the formal seal on the split selves with the Congress Party tussle for the Party label is 
that has been evident in the from which Mrs. Gandhi has expected, 
organisation for many wggks. broken away. Meanwhile, the Janata Party 

By this step, Mrs. Gandhi not This is not imminent but the itself got a jolt to-day when the 
only threw the battered Congress politicians concerned are watch- Marxist wing of the Communist 
Into turmoil but also opened the ing the manoeuvermgs in the Party swept to power In 
way for a fresh realignment of Congress with interest. “ 

Indian politics. the present 


Red Army who hijacked a JAL 
airliner to Dacca in November 
boarded the aircraft, though this 
has never been officially acknow¬ 
ledged by the Indian authorities. 
Security . staff have no X-ray 
equipment " 

Divers are searching for the 
flight data and voice recorder in 
an effort to establish the circum¬ 
stances of the crash. They are 
also seeking to confirm the exact 
location of the wreckage. 


Iran threat 
to Ethiopia 


By Andrew Whitley 

TEHERAN, Jan. 2 

— ...... nnG|n H .- the!THE SHAH has warned that Iran 

. _ For strategic state of Trimira in I would not stand Idly by should 

___ _ _ _ Congress stands North-East India. The Marxists j Ethiopia attack Somalia s recog- 

Ibis is now possible because formally divided, for the second who were allies of the Janata nised borders. Tne warning 

the section in the Congress that time in less than a decade (Mrs. in the general election and later follows the report dimng rresi- 

* . ‘ - " in the June poll in Northern I dent Siad Barre's visit to Tehran 


no longer bears the stigma of Gandhi having first split the 


being in the same party as Mrs. Party in 1969) and the two sides states, have now established 
Gandhi—and hence share the are still snipiDg at each other, strongholds in West Bengal and 
blame for the abuse of power by Mrs. Gandhi's formal an- Tripura and have become a 

her and her son, Sanjay, during nouncement that her followers major force to contend with in 

her emergency rule—and so can constituted the “real Congress" Eastern India, 
think in terms nf joining with was made at the "National Con- The Janata Party has been 
their erstwhile colleagues now ventiort for Congressmen ” trounced in Trinpura where it 

in the ruling Janata Party. which' has been meeting since formed a coalition with the 

The Janata Party was formed yesterday after repeated failures Marxists after June. This broke 
by the merger of five parties to force the Congress president no followinz differences between 
before the March general elec- to give the former Prime the two and the Tripura results 
tions in which Mrs. Gandhi's Minister a dominant position in are bound to increase the 
Congress Party was trounced, the organisation. Mrs. Gandhi Marxists’ determination to seek 
But the five are in reality fune- was declared “elected ” as the more powers for the states from 
tioning as separate entities and ■' President of the Congress.” the central government 


Warning on 
Portugal’s 


By Diana Smith 

LISBON. Jan. 2. 
PORTUGAL’S President 
Ram a I ho Eanes, unsmiling, 
warned last night that 
Portugal’s economic crisis was 
reflected In an “already 
intolerable trading deficit, 
which demands dangerous 
recourse to outside credit— 
(credit steadily more difficult 
to obtain)—or sale of our gold 
reserves.” 

Sternly, President Eanes 
called on every Portuguese 
citizen to shoulder his respon¬ 
sibilities, furthermore, he 
demanded urgent reform of the 
civil service. “This far-reach¬ 
ing reform, pins open yet 
objective, well-founded criti¬ 
cism by the media will,” he 
said, “help to eradicate -the 
persistent virus of corruption 
from the state machine.” 


Soviet hope over 
S.E. Asia dispute 


BY OUR OWN CORRESPONDENT 


MOSCOW, Jan. 2. 


THE Soviet Union, cautiously diplomatic ties at all with Cam- 
supporting Vietnam in its border bodia. It had apparently been 
argument with Cambodia, hinted courting Phnom Penh in recent 
to-day that it hoped the issue months, publishing several press 
could be damped down without commentaries describing the 
becoming a major quarrel Communist regime there as pro- 

among Communist lodge gressive, but there had been no 

brothers. sign that its overtures had found 

The World Peace Council, a * n F J? sp< ? Ilse L_« .. ,r- 
Helsinki-based Soviet front ? nr Foreign Staff adds: Vietnam 
organisation, issued a call for has repeated its view that 
negotiation of “disputable issues” Cambodia is solely responsi- 
and emphasised the "interna- £ le . foi \. fighting in toe 

tional solidarity" of the Peace border dispute between the two 

Council with toe peoples of both 

Vietnam and Cambodia during bodia br eaWng off diplomatic 

the "years of liberation struggli I? has 

against colonialists and American Com “unist neighbour- It has 


reaffirmed, however, its readl- 


agf^essora ness to negotiate with Cambodia 

The World Peace Council is t0 maintain friendly relations 
one of a number of ostensibly An editorial in toe official 
? n .7 ate £ ro “I ,s reflecting Soviet Vietnamese newspaper Nhan 


last week that Ethiopian aircraft 
had bombed Somali towns. 

The Shah did not elaborate on 
what Iran might do. but diplo¬ 
matic observers feel that it 
would certainly begin imme¬ 
diately to supply heavy weapons 
to Somalia, and an expenditlon- 
ary force with air cover might 
also he sent in. 

ln taking this stance, the Shah 
has the clear backing of the 
U.S_ which hitherto has res¬ 
tricted Iran's aid to Somalia to 
light arms deliveries. . According 
to a senior American official, 
there had been a “substantial 
identity of views ” on toe subject 
following President Carter’s New 
Year’s Eve visit here. 

Before taking any action, 
however, Iran will apparently 
try to mediate in the Horn of 
Africa. The primary task, the 
Shah said, was to create direct 
contacts between Ethiopia and 
Somalia to stop the fighting and 
start peace talks. 

Reuter reports from Nairobi: 
Somali radio said to-day that 13 
people -had been killed and 35 
injured in an attack on a small 
border town by two Ethiopian 
jets. 

The radio, monitored _ in 
Nairobi, said the two American- 
built F-5 jets attacked the town 
of Tug Wajale last Friday. 

Friday’s raid was the third air 
attack reported by the Somalis 
in December. Ethiopia has not 
acknowledged any of the attacks. 


Donald Woods 


A DOUBLING of the world levels of wealth, economic expectations of further progres- 
trade by toe mid-19S0s is fore- development is more concen- sive Increases later this century- 
cast by Mr. M. J- Parker, the mated in the less steel-intensive- ffi The need to substitute coal for 
director of the National Coal service sectore. oil and natural gas in power 

Board’s Central Planning Unit. “On toe other hand many generation and bulk steam-nis- 
Current world trade (total developing countries arc keen ing in industry, 
exports, including Intra-Comecon to develop their own steel • The desire of oil-importing 
and inrra-EEC movement) is just industries.” he said- countries. particularly the 

over 190m. tonnes. Developing markets for enk- Western European Stales and 

Writing in toe NCB’s ing coal are likely in Sourh Japan, to diversify their energy 
quarterly bulletin. “Coal and Africa, China. Indonesia and supplies. 

»" r 4 r .... _ Th, possible limiting factor on 

used in the iron and 

tries—dominates world trade accounts for 80 per 
An increase in coking exports world production, but «n»y countries to increase their out 
depends on toe future of tl* around. 40m. tonnes 1 of woHd 'toTn thSr dom^tic 

steel industry, world wide. Fore- trade —15 seen as having good » 

casts of the health of the Indus- prospects for growth. 

trv are mixed. These prospects arise from: The major coal exporting 

“Developed economies show • The impetus pven i to coal will notably be 

declining ‘steel intensity.’” developments hy the »arge in- Australia. t T S, USSR. Poland 

Once thev reach certain high crease In the price of and end Canada. 


,er iWJrin ana anum The nossible limiUDK factor on 

of which Is in toe longer term, steam coal g-veln SSSSq f the trade is the 

fe0ai T*' m of*applies and 1 ” the 

arid trade, accounts for 8(1 per cent, of wjuin^esa jf COB ] producing 

Only InnMBC, that* nllt. 


Record $2bn. year for Boeing 


BY MICHAEL DONNE, AStOSPACE CORRESPONDENT ■ 

BOEING had one of its best- Douglas DC-10 tri-jet for* com- must he complied with in pay- 
to 0 1 B 7 T enlleSne bin^d total cost of S333tn. ment of sales commissions and 


contract 
for Britain 


By Maifti Munir 



. *;• ANKARA. Jan. Z 
FREEMAN FOX and Partners of 
London have won a $&2tn. con¬ 
tract to prepare toe project for 
a bridge to be built in Istanbul, 
to connect Europe with Asia-over 
the Bosphorus. It was officially 
announced here. 

Mr. Selabattln Killc, the 
Minister of Public Works, said 
that toe foundation of the bridge 
would be laid on May 29 next 
year, toe anniversary of the 
Ottoman conquest of Istanbul. 

Freeman Fox and Partners 
have undertaken similar work 
fbr the flftt Bosphorus bridge 
which was opened to traffic in 
197S. It.wag built by an Anglo- 
Gennan consortium. 

A Ministry of,Works offidar 
■aid that the alx-lane, l J6S metre 
Ions bridge is to be built between 
BaItalimanl on the - European 
side and Kaolfca on the other: 
It estimated coBt Is 1.7bn. 
Turkish Ure. (389m.) of which 
30-4(1 per cent would be required 
in foreign currency. 

Mr. Kilic said that • new 
bridge was necessary because 
the present one was handling 
more than 102.000 vehicles per 
day and there would be 
congestion starting from 19R1, 


ever vears in 1977, collecting bined - —-— — . . 

orders’ for 226 jets world-wide. The Japanese domestic airline, contingency fees. . ^ . ^ 

worth over S2bn. (over £L2bn.). All Nippon Airways. Plans to The settlement followed an 1 The new bridge would be corn- 

far outstripping all the other buy three more Boeing 727s, aclinn brought by a Boeing! pleted in 1982, 

major jet manufacturers. U.S three Boeing 747s and -three stockholder, on the grounds that;_ 

and fereien Lockheed TriStars. uhlie a the company had paid out money , 

r 1 j as1irmrn smaller internal airline. Nansei rightfully bclongmc to stock-; 

Included m these dMls were Kofeu pIans tn buy , wo Boeing holders. ! 

jSmbo r je e S hut the hulk of toe ^^/mwntira^t i« r^orted A ^TternJm 
nm contra n s -™^rte .hr«. (r * m rtu, Bn-T h« .S= ““ntoJrt! 

p h t, J?»h,>h r overiJM°hi; r e g^WNGSTOiV. Jan. S. 

been delivered. and agents’ fees on | oreign irol of sates consuitanm. |THE Norwegian Government 

Further substantial Boeing Jet aircraft sales. Boeing alsoaarecd topay about - has extended a S2l.8m. line of 

orders are also in negotiation v4 $90,000 for court cosh, and [credit to Jamaica to allow the 

for the New Year. The Under the terms nf the settle- attorneys' fees. No monetary | island to finance import* from 

Japanese Transport Ministry ts ment, reports AP-Dnw Jones, damages were involved. .4 dis- j that country, 
reported to have approved a Boeing must include in its missal hearing of'toe cm®; 
plan by Japan Air Lines to buy instruction to sales agents or following toe settlement, isdue 
three Boeing 747s, a 747 freighter consultants a stipulation that for February 3 in toe Federal 
and also a third McDonnell both foreign and domestic laws Court id Delaware. 


Jamaica gets 
$22m. credit 
from Norway 


Japanese duty 
on whisky to 
be assessed 


By Kenneth Gooding 


THE Scotch whisky industry will 


Swiss ban on third party 
trading with Rhodesia 


BY JOHN WICKS 


ZURICH, Jan. Z 


THE Swiss Government' has country to offer opportunities for 


start the new year attempting to]issued a ban, to take effect on the avoidance of the Rhodesian 


‘unrepentant’ 


policy which are used to comment Dan over the week-end said 


By Quentin Peel 

_ JOHANNESBURG, -Ian 2. 

puouciy pinned down. property on the Vietnamese aMhe weekend .declared 

Soviet priorities are clear m people. But it added t" at j to-day that his first actioD in 
Indochina. It enjoys good rela- " genuine Friendship ” would pre-; ex j] e W ou!d be to publish a book 


the prime minister told 
Portuguese radio, “I am doing 
my best to put a Government 
together.” 


Audreotti in 
crucial talks 


By Paul Betts 

Rome, Jan. 2. 

WITH THE end of the so- 
called “ Christmas truce.” 
Italian political parties and 
trade union leaders are to hold, 
during the next few days, a 
series of crucial meetings, 
which could well decide the 
fate of the 18-montbs-old 
minority Christian Democrat 
Government of Slg. Giulio 
AndreottL- 

Tbe country’s three big 
labour confederations are 
scheduled to meet later this 
week to decide whether to call 
a general strike against the 
Government’s economic policy. 
But although on the surface 
the present confrontation Js 
centred on the Government’s 
revised 1978 budget the issue 
Is fundamentally a political 
one. 


tions with Vietnam and has no vail between the two countries- 


USSR lags well behind 
U.S. in technology 


BY DAVID FKHLOCK. SCIENCE EDITOR 


THE USSR would And it as the latest issue of Lloyd’s Bank 
difficult as Britain in trying-to Review. 

wrest world technological leader- Similarly, although there will 
ship from the U.S., a leading be a constant danger of a Soviet 
British Sovietologist forecasts in breakthrough in a particular line 
an analysis published to-day. of military development, there 
But the USSR. East Germany, is no danger of the USSR chai- 
CzechosJovakia and Japan will lending U.S. leadership as a 
all create multinational organisa- whole. 

tions to led toe world in some Unless the USSR used Its 
narrow fields, concludes Profes- breakthrough Immediately in a 
sor Peter Wiles. Professor of final battle, toe U.S. would 
Russian Social and Economic always be able to regain leader- 
studies at the London School of ship in military technology too. 
Economics. "The real threat lies in the 

The U.S.. however, would be quantity, not the quality, of 
" idiotic" to lose sleep over these Soviet weapons and the far 
organisations because particular greater Soviet willingness to use 
leads could always be retrieved, them rationally and whole- 
says Professor Wiles, writing in heartedly." says Professor Wiles. 


Carter seeks to 



Sadat 


BY ROGER MATTHEWS 


CAIRO. Jan. 2. 


PRESIDENT JIMMY CARTER This was another reference to port It appeared to give to the 
has scheduled just 45 minutes statements made by Mr. Carter Israeli proposals which had 
of talks with Egypt's President last week In which he opposed already been rejected by Mr. 
Anwar Sadat on Wednesday, it the creation of an independent Sadat at the Christmas Day sum- 
was stated officially here to-day. Palestinian state on the West mit with Mr. Menahem Begin, J 
The two men are to meet in Bank of toe River Jordan, which Israel's Premier. 


on the life and death of Mr. Steve 
Biko, the black activist and bis 
personal friend, who died in 
security police detention last year. 

Speaking from Maseru, the 
capital of Lesotho, where he 
arrived .on Saturday after swim 
ming a river bonier with South 
Africa, Mr. Woods said ihat a 
major reason In his quitting toe 
country was the silencing order 
which prevented him answering 
the charges of the South African 
Government The same, order 
prevented . him working as a 
journalist or publishing, any 
written material. 


Zambia lifts 
food subsidies 


Aswan when the Ufi. President 
makes a 75-minute stopover on 
his flight from Saudi Arabia to 
Paris. 

Although the officially expres¬ 
sed American purpose behind 
the visit is "to discuss whether 
toe Middle East peace process 
can be extended to more 
moderate Arabs,” the brevity of 
toe talks seems tn confirm that 
President Carter is primarily 
concerned with re-establishing a 
wholly amicable relationship 
with Mr. Sadat 


King Hussein said in a tele¬ 
vision broadcast that he would 
be prepared to join the Middle 
East peace negotiations “where* 
ever an opportunity does arise 
where we fed that we can act 
in a more constructive way.” 
But he stressed that no settle¬ 
ment was possible until Israel 
agreed lo withdraw from all 
Arab territory occupied in 

1967. 


Mr. Sadat is expected to im¬ 
press on Mr. Carter again the 
necessity of toe U.S. using all 
its leverage on Israel to extract 
concessions. This would be essen¬ 
tial if Fling Hussein of Jordan 
is to be brought into the dialogue 
at some future date. 

Ihsan HijazI adds from Beirut: 
Palestinian guerillas have begun 
moves to reassert themselves In 
face of U.S. and Israeli rejec¬ 
tion of an Independent Pales¬ 
tinian state. 

A show of force and rallies 
have been staged here which 


is one of the prime demands of 

The Egyptian President re- the Egyptian side in its aegotia- , 

peated in a magazine interview tions with the Israelis- There were parked by open threats to 
yesterday that " great efforts was disappointment here not American Interests in the Middle 
would be needed to overcome just at the “ inopportune ” East and warnings that no Arab 
toe obstacles created by Mr- timing nf the statement, but at country is hnmune against a 
Carter’s remarks." the unneressary degree of sup- new blow-up in the region. 



IN THE latest of a series of warn¬ 
ings preparing Zambians for an 
austerity year ahead, President 
Kenneth Kaunda announced over 
toe week-end that the prices of 
some commodities, including 
bread and other foodstuffs, would 
hive to go up 1 because the 
Government could no . longer 
afford to subsidise them. Michael 
Holman writes from Lusaka. 

The President was speaking a 1 
the sale of 1978 membership 
cards of the ruling United 
National Independence Party at 
Lusaka's Mulungushi HaTI on 
Sunday, Due to the slump in 
copper prices, said Dr. Kaunda. 
the Government could not con. 
tinue it* present level of subsi¬ 
dies and some would have to be 
withdrawn. He gave few details 
of the measures, but picked out 
bread as one example. 


Zia's budget 


Pakistan’s military ruler General 
Zla-Ul Haq has taken what he 
describes as M unavoidable 
measures” to correct an Im¬ 
balance in the. 1977-78 Budget 
which he Inherited (Tom th«* 
deposed Prime Minister Mr. 
Zulfikar Alt Bhutto. Simon Hen¬ 
derson writes from Islamabad. 

Addressing a news conference 
at Rawalpindi to-day he 
announced heavy increases in 
duty on luxury items like cars, 
air conditioners, refrigerators and 
colour televisions, as well as a 
10 per cent, rorchar&e on Income 
tax. He said measures were be In a 
taken In reactivate growth in the 
economy and to contain prices. 


analyse how badly it will" be 
affected by a decision by Japan 
the second-largest export market 
for Scotcb. to increase liquor 
duties by 30 per cent. 

Hie increase, to take effect 
from May 1. will add at least 
Y25G (roughly 55p) to a bottle 
of standard blended Scotcb while 
premium brands will go up Y550 
(around £ 1 - 20 ). 

The duty rise will also affect 
Japanese whiskies but tbe Scotch 
whisky producers insist that 
their brands will suffer -more 
than the local products. 

Any calculations of toe possi¬ 
ble Impact on price or demand 
are complicated by the Japanese 
decision to cut import duties on i food, 
spirits. The import duty on 
Scotch will drop bv 10 to 12 per 
cent from 1*392 to Y343 a litre 

Agents for Scotcb whisky in 
Japan say that it is Impossible 
to guess what might happen to 
Scotch in that market until final 
details of the changes in bntb 
Import and internal liquor duties 
have been settled. 

In the first nine months of 
1977, Japan imported 2 87m 
Droof gallons of blended, bottled 
Scotcb whisky. 


January 1, on so-called embargo. 

“triangle” deals involving The Swiss themselves, who do 
goods for or from Rbo.lesia. not belong to the Untied 

Persons or companies resident 

from 0l toat*date he ferbidden^to ,en y ^ ars ,rade wllb Rhocies1a 
lit n?r5 l Vi! been limited to the average 

i?nS whirl fh! in ,e%€l nf the VeaTS 1564456 * nd 

kind where the goods tn ones- .... ,_ j 


kind where the goods in qites- X“rlfnine substantiaiiv 

Hon do no! enter Switzerland,. K” 

This same ban applies 
similar transactions involving- 

toe granting of loan, or rhe Italiail pledge 
transfer of money to Rhodesia ,« 

Excluded from the han .are All |GXtll0S 
goods or funds for medicinal 

and educational purposes, books By Our Own Correspondent 
and publications and. Sn the ZURICH. Jan. 2. 

case of humanitarian purposes, ItaUan authorities have 

, . . , undertaken to end import pro- 

These steps have been neces- cedures which '■ were hindering 
sary In view of a nse tn the lhe sa| e of Swiss textiles, 
volume of transactions be/ween within the framework of what 
Rhodesia and UN countries in Swiss government spokesman 
which Swiss-based titierme- Cornelius Sommaruga called a 
diaries have played a part. ’* pragmatic ™ solution, Swiss 

Tbe Swiss authorities, to textile shipments will, from the 
whom complaints have been start of 1978 be subject to a 
made by the United Nations, new system in keeping with tbe 
have said they do not want the Swiss-EEC free trade agreet^te nt. 


The line of credit, announced 
by Norway's Commerce and 
Shipping Minister. Mr. Hailvard 
Bakke, who has led a commer- 
t cial delegation on a visit here, 
will permit Jamaican' buyers to 
make medium and long term 
purchases on the Norwegian 
market 

The Norwegian Government 
has alsn given an undertaking 
j to assist the Jamaican Govern¬ 
ment in a planned SfiOra. oil and 
natural gas exploration pro¬ 
gramme scheduled to get under 
wav next year. . 

The Norwegian delegation 
discussed with Jamaican officials 
joint projects in soil conserva¬ 
tion. afforestation and alu¬ 
minium fabricating. Tbe 
Norwegian line of credit follows 
two loans which the island is 
gening from the World Bank. 

The first loan of S30m. was 
followed hv announcement of 
the completion of negotiations 
for 838m.. S20m. is to be nsed 
for improving the Island's elec¬ 
tricity service? and $18m. for 
assisting the island's sugar cane 
industry. 


Canadian credit 
for Poland 


By Robert Gibbcns 
The Canadian Export Develop-! 


World Economic Indicators 


IV 


\ 


TRADE STATBTICS 


Irish exports 
rise sharply 


UiA. Sbn. 


mem Corp- is extending a 3285m., 
line of credit to Poland For toe: £bn - 

purebase of Canadian goods and; 
services over toe next two years! 

—covering sale.s of mining.: W. Germany DMbn. Exports 
chemical, electrical and marine j 
equipment. 

EDC has also made a financing • France Fn-bn 
agreement to support rbe sale j 
of $52m. of Canadian equipment 
and services for the Kwidzyn 
pulp and paper mill complex in!Japan Sbn. 

Poland. This is in addition to: 

S172m. in financing already! 
arranged for the supply of J Italy Urebn. 
engineering, equipment and con-! 
struction services for the project . 1 



Nov. 77 

Oct. 77 

Sept. *77 

Nov. 74 

Exports 

9304 

7.190 

10.915 

9.625 

Imports 

11.38& 

1?J87 

12.631 

11382 

Balance' 

-2.032 

. -3JJ97 

-1.715 

-1.657 

Exports 

2.6S7 

2.777 

7599 

2326 

Imports 

2.584 

2.731 

2548 

. 2.736 

Balance 

+0 073 

■*■0.046 

+0551 

-0.510 

Exports 

235 

24.7 

23.2 

223 

Imports 

20.4 

19.9 

195 

19.2] 

Balance 

-*-3.1 

. +45 

^ 3-7 

-*■35 

Exports 

27.698 

28538 

26.992 

24.413 

Imports 

30J63 

. 27.911 

28545 

27583 

Balance 

— 2.665 

- +0.127 

-1553 

-3.150 


Oct. 77 

Sept. 77 

Aug. *77 

Oct. 76 

Exports 

6.93 

6.69 

6.43 

6514 

imports 

5.08 

4.99 

5.29 

4585 

Balance 

+ 155 

+ 1.70 

+ 1.14 

+ 1-129 

Exports 

3JR2 

3.136 

2540 

2.969 

Imports 

3.745 

3348 

2,781 

3389 

Balance 

-463 

-212 

-741 

-320 


EXPORTS from toe Irish 
Republic jumped by 35 per cent, 
in 1977, according to figures 
released by the Irish Exports 
Board. 

In the past 12 months both 
toe value and toe volume of the 
country’s export growth rate out¬ 
stripped other Common Market 
countries for the first time. 

The most spectacular increase 
in goods sold abroad came from 
the manufacturing industries 
[where toe value of exports went 
up by 42 per cent. 

Although the board said pros¬ 
pects for 1978 were that present 
trends would continue the report 
warned .of “clouds on the 
horizon" including uncertainty 
over the U.S dollar and threats 
of protectionism. 


Contracts 


NEWS ANALYSIS 


Export challenge in Iran 


BY LORNE BARLING 


• A /contract for demountable 
partitions in the Dubai Currency 
Board's new offices—currently 
being -built by Coistain Inter¬ 
national — has been awarded to 
Unilock (Exports), tbe overseas 
marketing organisation within 
toe Unilock Group of companies, 
suppliers of demountable parti¬ 
tioning systems Id the "United 
Kingdom. The contract, is worth 
more than £ 200 , 000 . 

• Peugeot said it had- signed 
contracts for the delivery of 
1,300 Peugeot 504 models to 
Egypt to be used as. taxis, and 
1.500 of tbe same model ts the 
Sudan. 1,000 of which are to ba 
used as. taxis. 

• Kloeekn'er-Humboldt-Deatx 
said, its group subsidiary KHD* 
Pritchard had won an DM.lSm. 


THE conclusion of a S37.3m. loan affair. After first b*fne neeotia- ni>t really open to U K. .ex- 

to Iran m support nf a GEC ted in 1974. problem* arose due porters,” Morgan Grenfell said..__ ___ 

power station contract can be m changing economic circum- “ft has not been an easy nego*jorder to build a maleic acid 
regarded as a challenge for stances in Iran. Then in early nation, hut the wav is now open.” 1 anhydride plant in' Yugoslavia. 

v,-- -- J — ’ ' ' The order will be carried out 


f £ r V m ^ J btl(rarT i e evldeni thai Iran The existence of a Morgan 

!iil 5„2 ""Xu Pn ™ dPr horrnw,nH for Grenfell office in Teheran has 

SSSSTSSSS-Js."" p j public sector projects, mainly m clearty been an important fector 
under consideration. cover their offshore costs. ln the successful conclusion of 

ine bnancial agreement which The need for power generating ’bp deal, and the hank hopes to 
«r S r ™ m ™ an -" n, onths equipment had also heemne a good deal mnre business 

™, n ^ U ™r\ hr Mor | an K Gr ®"- more acute, with power cuts -r this kind. 

JF' 1 ... “as paved the way ec en now heing experienced in Buf there will inevitably be 
adminis- Teheran, and negotiations were 'irons competition from other 
SSTLSTC? for ™? re de *’ s of reopened U.K. banks, and for British ex- 

,h H0»e^r ,h %™r h'r STS tht, period there „ as P»««* Wee, Herman* aod 

accepted buyer credits of this a ' s ° a “ iaJor reorganisation of ^ntractors in 

kind from other suoDller conn- the Iranian purchasing structure. pa " ,CH ar - „ 
tries, making it clear that w bteh before 1974 had been part Nearly all equipment for the 
Britain ha^ lagged behind in th* ° f the p|anni "S and Budget P f ower station 1 will he sup- 
respeci and Qow needs to**take Organisation. As a result, n riled from rhe L.K.. with WarWe 

advantage of this hew develop often difficult lo know which P a P» ,an Priding toe boilers 
ment ^ aeveiop- aul h oriry Xq dea , wJlh and Parsons Brown responsible 

Major projects now in varfm.« However, the Ministry of fnp civi, engineering. Construe- 
stages°of P planning, iodSdTSl Economic Affaire and Finance tw ° wo * «*«* b * carried out by 
ways, power generation and l 5?l T1tTn! an J? substituted a n Iranian company, 
transmission. peWhemica! and a . tl ^ tly Pun - 1 centralised f M *?. reo r ver * w 'to Iran now one 
aas plants, civil engineering and sTn i ctlJ . re which immediately of tbe. few countries® with an 
other capital projects B “ ™ ad f, lf n,am ,hal fa r greater expanding power load growth. 

The Export Credits Guarantee dPfa{J and documentation on pro. r,EC lS ,n a strong position for 
Department isnowflaSa J ,T S wou,d be required In more orders, but much depends 
number of proposals bv Britinh fu * u ,^ , , 011 lfa e countiy’s nuclear power 

companies to bid for ‘project! ne «°J ,at oni on programme and Its ability (o 

although most are at an earlv k nE have heen ht,<s ‘ ?t CL ’ rae 00 stream tn t,me » meeT 


W£iS y» —•«,** <*« *;,£3 ^Tri^,^^ itaSSS 


pipeline. 

The GEC contract ha* never¬ 

theless proved 1 


rut? and fn tor fhomuchncsa nf need to fill toe gap with more 
.. t 1 -™™" anmimrtratnra conventional systems and there 

protracted thv 201 2 ir *" ,s *' c, Pariy be many rontraclors 

prouraciea toe complexities, the market was waning on toe sidelines, 


with' Kloeckner Induatrieanlageo. 
• The State-owned telecomoiunl- 
ca tions company ENT EL baa 
signed contracts with toe .low 
subsidiaries of Siemens and 
Standard Electric to toe expan¬ 
sion of Argentina’s telephone 
system.-- The project,, whicn 
includes setting up^14.200 new 
lines, ; will cost an estimated 
5175m. at current prices. 
m The Hong Kong Government s 
Public Works . Department t* 
looking overseas and locally for 
consultants to Investigate toe 
feasibility of building » 
crossing to Unk tantsu Island 
with Tsuen . Wan. on too main¬ 
land. - The crossing will - taw 
the form of-a bridge or ttimw** 
or a combination of both. 


CLUBS 


■ Vt. m X 
Cwru or All 
Floor Stows 
nt«M ot joMnv 


mnt Pto. jlj SKS^Aiir 

w.i. 


fiASCOVLe, M p**n - 
NWI St RIFT CAW 

THB COS AT OT..... - - _ . . 

Stow of mwnlohr .1, «*kw. 

Moiv.Fri. Cloud Sahmln. 


ten *"11*111 i 1 *f J*”,-J"!!! 1 lS , 


tw Fr«ici« 

Sundiwr 

ihw mi ..— 

witotp V>.Oto illH .JMKMWIH* 
Yof*. .N.Y. 






ifvhmii S 
muid iu i ' 


:.i vr 


•■CABINET 


ost-w 

ionscri 


W»SI 


'’as 











;S 

!»n st 

lri, ai» 


^ r 


° sei« 

4 Mil 

N "i»lv 


;rph 


...« must 
speedily 


BYRAY DAFTER, ENERGY CORRESPONDENT 


- industrialised. countries recent months, including state- to he demanded from popula 

neeo ip .cnees , their energy meats by oil executives—among tions for malor adiustmem* and 
Rrowtfrnoiy if an economic cHsas- them BP and Shell officials. new investments.** 


5 er ^ t0 be avoided within 10 : In essence, they have all been . . businesses. tive to employees and proprie- 

- -to 15 years, says a report in saying that an energy crisis J ™ ®® e “ for governments T T„ in _ _ QtR t0 v 00st tors, the memorandum says that 
• Lloyd Bank Review, published could become apparent much jj f *ce lb “ adjustment process for J^| chamber says in taxation levels “prevent ade- 

• • more swiftly than many people * t0 .®P read « rSSSSJtato tiSi reward for risks, prevent 

evl ^ eDCe Indicated .imagine. . EJfm *5„ lo Sf as possible would j - ^ u tax the proprietor making any sav- 

. that- consumers would face at « ■« » be «'great and so in« outside hi, hufineJ and 


Small business tax Lombard Workers’ CO-op 

overhaul wanted to lease needs defined 

SMALL COMPANIES are In the performance In recent years. j __ 1 

doldrums because their workers But, the survey adds, the via- ITIIPk C or kuin mio-rr tMbtisnuAL editor 

and owners are too heavily taxed, bility of small businesses is also 11 UVAiJ ** ^ EUJOTT ' !NOUSTWAL EDITOR 

says the London Chamber of threatened by the weight and 

Commerce- The Chamber, with variety of taxation heaped npon BY KErrH lewis ESTABLISHMENT of successful co-operative goals. Third, there 

8.000 members, is one of the them. workers’ cooperatives requires should be “full and genuine 

largest organisations represent- Arguing that the existing _ four essential conditions lndnd- democratic control, such that the 

ing the interests of small income tax levels is a disincen- LOMBARD NORTH CENTRAL. Ing provision of adequate capital entire workforce is the group 
businesses. live to employees and proprie- the finance house subsidiary and management, says an article with ultimate responsibility and 

lining tax eats to boost ner- tors, the memorandum says that of National Westminster Bank, in the issue of the Lloyds Bank control.” 

th* nfamhPF wiv, hr taxation levels “prevent ade- P lan s to attack the UK. com- Review, published this morning. He says this control should be 


j Y SMALL COMPANIES are In the performance In recent years. 

1 / doldrums became their workers But, the survey adds, the via- 

and owners are too heavily taxed, btiity of small businesses is also 
says the London Chamber of threatened by the weight and 
Commerce. The Chamber, with variety of taxation heaped npon 
mauled from popula- 8 -°°° membera. is one of the them. 

major adjustments and organisations represent- Arguing that the existing 


Lombard 
to lease 
tracks 


BY KEITH LEWIS 


r i mCTM^W“to‘ M Se‘'Lever QUAte reward for risks, prevent wercfal[ vehicles leasing mar- Mr. Robert Oakeshott, a so arranged that it permits the 

Inquiry into small firms’ tax the proprietor making any sav- bet 1® M'8. former journalist who has “smooth functioning of manage- 

oroblems that “ the rales of taxa. togs outside his business and • Lombard will be introducing worked in co-operatives, says ment” 

tiou of individuals are the main thus forces many sales to release a marketing operation under that there is “ no evidence that Fourth, says Mr. Oakeshott, 

cause of the decline of small busi capital." the name of Trucklease, the Government really under- there should be an element of 

ness A major overhaul would Although the memorandum through which it hopes to cap- stands what are the necessary capital ownership by the 

provide the incentive re mured argues that the level of Com- tore a large share of the conditions for successful co- workers who should have to put 

and could be done with little or P 3 ®? Tax is not as restrictive business. operative enterprises.** down a significant financial con- 

nn 1 ft the Ewfanner ” as that of personal income tax. The company Is trying to The first of Mr. Oakeshotfs trtiration when -they become 


-> — in tne wesi wiii comelo a stano- ■ ■ ness A maior overnatn would Mitun.iBui.uu •• —r- 

bl L r , f r 0 ,°P U i^ a Bt, l yritiJg , «ri\i f 0T perhaps'a considerable concludes - provide the incentive remiired argues that the level of Com- tore a large share of the conditions for successful co- workers who should hat 

Western Energy Policy After ^ addition, large jumps JJ consumer world sac- Ld could be done with little or P 3 ®? Tax is not as restrictive business. operative enterprises. down a significant final 

'iHe noint, mil thst in the relative price of energy ceeded checking its energy no ^st to the Esdusquer/’ as that of personal income tax. The company fa trying to The first of Mr. Oakeshottis miration when -they 

:• would set off a spb-al of «,« *”»**>. disaster would be Jr „ it makes three proposals aimed repeat in commerrial vehicles conditions is the “availability of employed. 

** inflation curbing livine tian- voided and the power of the The memorandnm was pre- at ^h C easing of problems of the remarkable success already adequate management both inside If the objective of the eo- 

' no conceiva hle ’ d “Snrfne 8 wa „ e producers would be blunted. J**®**^* working party of the expansion: a long-term commit- achieved by Lombard In motor the cooperative and, preferably, operative is to expand, workers 

J22K- toflatim ■ However, this would call for Ch ?® b l rt J , taxation a™™*** ment to 100 percent, fim year car leasing under the Wheel- wit h added support from a cen- should not be allowed to with- 

The necessarv urocess 0 f * substantially higher consumer aud Is based on researeb anjong a i l0WM , ces; a i on g period of ease package. tral co-operative management draw their Capital until they 

- Sowfhrf 1 adiuleS^^enS Price for oU than at present ® embe «’ 6 '™L°f “* Stability in tax and other legis- Experience gained throogh agen ey." leave the cooperative on retire- 

; growth OI world,demand that has wwwnnww p less energy it classified as “small firms.” ♦*.« .i« « it The second is adequate access ment or earlier. 

to finance, preferably through a Lloyd’s Bank Review. 71, Lorn- 
special institution committed to bard Street. London, EC3. 


-i Hards and ransintr wnpp i'iouucera wouja oe oiuniea. '— expansion: a long-ienn com am- auucvea uy wiuuwra m mwut 

encfsS- P resonrww f Mi?he Nation 8 8 However, this would call for Ohamberis tmtiro conmuttee mtnt t0 i00 per cent, first year car leasing under the Wheel- 

tn The necpRsarr nrocess of * substantially higher consumer base ^ °° re ^ ea f^ b . V 0 °^ allowances; a long period of ease package. 

Srewth P oVadjustment ^o 17 lera° energy^ price tar oU 11130 «* present. ™ ember ^ stability in tax and other legis- Experience gained throngh 

SerT b normar d ip^he d MSt-war intensive patterns ^would^l^e 11 was P ossibie that consnmer classified as small firms. lation and the conversion of Wbeelease, pin a 12 months* 
twriort m Tfle P osl War . b inYQ I shnI I governments would reduce the Most of the firms taking part stock appreciation relief into a market research programme 

•'a. dm. scope for producers to raise in the survev blame personal tax permanent form of relief to take involving discussions with 

jjiprSJSWa SJS.T B&a .J-aM the^ ration 1 JTtgJSSS *' -°° r SSTWA 

i^oJSS’Lxirk^ IxbBJszz vizsi Profits growth slows 

-^-- : - But because of the restively 1 1U1IW glUTUU YT v3 dal veMdt leasing market. 

‘ — • _ short time available, supporting DECEMBER is normally a quiet cent The average rise in profits which has been firmly estab- 

II tMYkl/VYr/wn w*^v conservationist measures would month for the publication of for the full year came to 3S.8 llshed for some time. What 


Employers to fight 
wealth tax plan 


Stricter accounting call 


BY MICHAEL LAFFERTY 

!W regulatory body. 


not such as Scottish aud Newcastle 


industrial companies’ full reports per cent. 


^Uireirauvuioi incaouico rvuuiu jnuaux IUI Ul? uuuuidUl/n Ut 1UI uio &uu JC«U uuuc ow.o \T T 71' ... j f v_ 

be needed industrial companies* full reports per cent- It will add, however, is a slick dissimilar to lie SEC in the U.S. Breweries, Coats Patons and the 

" It means a long-term con- and accounts, and only 60 were Dividend costs last mouth rose marketing approach to a bast- but without its plenipotentiary Weir uroup. 

tlnuiug adaptation of whole received last month. by 25.1 per cent, over December, ness whieb, it is estimated, powers, should be established to Its call comes at a time when 

patterns of living and working, However, the reports showed 1976, and contributed to an in- has a current cost value of any- improve accounting and dis- the accountancy professions 

away from energy-intensive a farther slight slowdown in crease of 19.5 per cent over the thing between £lbn. and closure standards, a group of existing Accounting standards 


goods, services and patterns, and pre-tax profits growth with a fall year. 

towards low-energy ones." rise of 21 per cent on those of It is worth repeating that 

• Large oil reserves have been a year previously. ' companies may raise tbeir divi- 


£L4bm 


Scottish finance directors has Committee is coming under 


The timing of the Lombard told Mr. Edmund Dell, the Trade increasing scrutiny. 


EMPLOYERS in the enprneerinB win tiro Eim enTm>arert with • large-ou reserves nave oeen a year previously. companies may raise their divi- move has been carefully plan- Secretary. According to Mr. Joe Barber; 

tedusti^^Il fieS anv SSkJw l vea? & found on Britain's biggest on- This was the smallest monthly dends beyond the legislated 10 ned to coincide with an antici- ^ fi directors believe ch^rman of the group of Scottish 

£ EKdJre a wealth ’ 7 shore oilfield on the marshy rise last year and compares with per cent limit in certain circum- paled upturn in the market q2“ lESSlxn f« dire ?°^ tbe oe ? 

\enr Mr AsS^l sbores of Poole Bay, Dorset. the biggest in April, of 69.1 per stances, which include the rah- Replacement costs have Z b li2 Ln”SSd^ tory body should be established 

wSfttali^SSLi^t Of '»“ 8s P ,ant The Strike was made over cent ing of fresh capital or fending soared over the past few years. ^S SSr g s™ 108 ” 15 by the Stock Exchange the CBI 

SmSSn.* Viwim United Glass, which accounts for Christmas by a Canadian drill- Rises over the four quarters off an unwanted bid, or. as In Between 1972 and 1977, the ar ® ot saus ^ ^ _ and the accounting bodies. 

Engineering employers reaera- on e-third of the U.K. glass ing team and the find is said were: January-March, 34.8 per the case of Paterson Zochonis, cost of commercial vehicles has The group, the first of its type It would cover listed com- 


3lHH, a 7 fn, finance directors, the new regula- 
that existing procedures tor tory should be established 


tion of leasing. 


re not satisfactory. and the accounting bodies. 

The group, the first of its type It would cover listed com- 


i large Scottish quoted companies listing should be suspended. 


nraeiirtant nf ffco . *- me 50T«RB Wi» maofl UVW cent. «“S. «»wu ukiui w* bcuubu^ mioioi v,ci uic jw*. !>ih> nAt MHoFurtftrT J ... — ,=*V 

United Glass, which accounts for Christmas by a Canadian drill- Rises over the four quarters off an unwanted bid, or. as In Between 1972 and 1977, the ar ® ol saus , „ , „ anfi the accounting bodies. 

Engineering employers reaera- on e-third of the U.K. glass ing team and the find is said were: January-March, 34.8 per the case of Paterson Zochonis, cost of commercial vehicles has The group, the first of its type It would cover listed com- 

von. . . container. market, is to spend to be four times greater than cent; April-June, 48.7 per cent;, which raised its dividend by 127 2 risen bv between 250-300 per to come out with sneb _a demand, panies and have the sanction of 

:In a message to chief execu- £3m. in expanding its Harlow the present estimates for the July-September. 36J3 per cenL; per cenL, a company's trading eent^ which adds to the attrae- includes the finance directors of recommending that a company’s 

tives of the 6,000 companies in plant. It expects the market Dorset oilfields. and October-December, 23.3 per operations are mainly abroad. tion of leasing. large Scottish quoted companies listing should be suspended. 

tho federation, be said members to improve by at least 2 per • 1 — ■■■■' " ' 1 ■ _ -——--- ~ -■- --5 -==T- --- 

An open letter to all Co-operative Bank customers 
and anyone interested in a genuinely 

in the- first session of a new near Romford. It will handle the & . - ^0 * \ 

Parliament, he said: “It will equivalent of 2^m. pints in a f- g n n um B m if* ■■■ ■■ - 1 

destroy the fragile confidence Dormal week, with tile beer TPOQ ilSHlif Iflfl S k iVICB 

which began to reemerge in the coming from the nearby Ind ■ ■ |/€ll W 

latter months of 1977." Coope brewery at Romford. . —*- \ 


An open letter to all Co-operative Bank customers 

and anyone interested in a genuinely_ 

free banking service. ^_—— 


Recruitment drive Bogus banks probe 

N CORAH, the Leicester-based 

knitwear producer, is to start a Fraud Squad has F e 5f Ive0 a 
recruitment drive this year number of rompbunts abou 
jjnked to a new market campaign bogus banks, registered m re- 
lor quality British knitwear, mote islands, and is investigat- 
particularly in Europe. Spend- ing 104 such cases involving 
ing on new plant and equipment £115m. 

Leyland Speke closure 
would be ‘intolerable’ 


Co-oP® 


rative 


Ban 


ikVhn 


ited 




: *Y OljRiNPOSTRIAL 5TAFF 

CLOSURE OF the British Ley- 
land plant at Speke, Liverpool, 
would be “intolerable," Sir 
Kenneth Thompson, leader of the 
Merseyside Council; said yester¬ 
day. 

lie was reacting to a week-end 
report that Mr. Michael 
Edwardes. new chairman ot 
British Leyland, wanted to close 
the Speke plant and had asked 
the Prime Minister for his con¬ 
sent to the move. 

The Speke factory employs 
6.000 but 2.000 employees have 
been bn strike since November 1 


In a dispute over productivity 
and manning levels causing other 
lay-offs. / 

Six “Kenneth, in a felegraxu to 
Mr. Eric Varley. me Industry 
Secretary, pointed out that Speke 
has one of the Highest unem¬ 
ployment levels in the U.K. • 
He called fofr an all-party 
meeting about.the future of the 
plant with the local authority 
and trade unions represented. 

A British’'Leyland spokesman 
said: “We’are reviewing all un- 
profftabUr'units both at home and 
overseas. No decision has yet 
been taken to close any plant" 


Head°«*° 

^ancheste 


^ euccBBBiv® 

conn- si 

leasure to C° nt ^ a acC0 ^t xs 
It ^ Oa«* wl ^ 0 vxdBd tnexr 

pQ—op®^ * . oprvui®® ^ 

S^ 610 c “, the nr S t cSS-y 4 . i S ^ 

in cr ^ ' _.call psrso" al „ f cQsts , 


1947 CABINET MINUTES 

Post-war plan to 
conscript women 

BY JOHN HUNT, PARLIAMENTARY CORMSPONDB4T 

-DRACONIAN for tt, L '^SSSlS 

direction or labour including a 194L W«n ft was revoa 

form of national sendee to com- March 
pel women to work in essential been ordered to take J° DS 
'Industries, were considered by essential Industries. - 

the Labour Government in 1947. Many of the discussions on 
according to the latest batch of fuel crisis also had a 
secret - Cabinet minutes released frantic note. At one stage, tw 
miiier ihe 30-year rule. _ . Ministry of Defence was asim® 

labour, proposed, that street ^gSf^SSSMlSt m spent 
ffe « «hort.» of 1.W- 

THU Cabinet economic de* 

meats, released to^aj oirf a'reu ^ ^ taken urgently- 

Ale at Die Public Record Offire. S10 “ aiernSrandum 

gWMhat these proposal* led to the US. awl 

hwgri arguments * mons Canadian dollar credits wouldhe 


• It IB a ^tive » arL ^ 

rn-op®^ P m c pnvji ne ^ 

& v ^r icB t0 c ‘\ a the nret - 

in ' .ill recall P*?£?\r ^ 

■free 

UnfortunatclV ^ of «77 ..* Dep0 sxt ^ cC ed to tran 

until *urt^ effe ct^ to ne offer^t Account^ & flf 1B , 

balances « con ti s oti c oun t. T t h | u dget 

interesy-.,, s u^% 0 a Da P ^ 0 U * details 

cUSt S>ri^ B Inciudi^nvav obtaxo 

^counts ^c^ loa „ servxc ^ manager- ^ deb it ^ 

a nd U Ho^ ^ t el 0 ° P Tor^- Jfrom ^ ■ current ftcco un rged at 9P 

.- d d H a P ^° n - ** thBbeS tpof^ 


thSir Wa n Current at 9P 6aCtl ‘ 

3 n nd apP^catx ouar^Xu ^ beS t po^ 13 

For cuatone^ rlv basxs ^ the ^ 

, t ed on 3 half ^ V „ „ strips to custo^^og’■ 

w ”* s V oXV 'aT- 




uanamau wm Wo/rf- 

0d “!P* r ** exhausted by the middle of 1M8. 

proposals K states bluntly that the 

WpaUlng economic crisis Of 1M7. fmsw p\*n of economic cute 

la February, the major fuel ^ m bJ1ow dollar starvation 

mifeU resulting from tho ®° al reach the point where the 

aiwtage led to large-seal* elec- Americins *re driven, in their 
tricky cut* and the closure of interests, to produce more 
ftHfOfiW* ■ ... rfollgrs 

Above all. there was the -ontinuai theme Is the con- 

°L“' on ot cabi,,et d,srat 

ground of. eonUnoed rationing. another memorandum stares: 
tow productivity and * labour «gJpVriencc has shown that 
Hmrteffe. leikaEM of information hare 

Not surpriatofily, a PgWj JSSSf as a result of the skiifuT 
note runs-through the Cabinet together by representa- 

diKnssionA • c . _ . K of the Pn»s of isolated 

, .la January. Sir Staff ora D information, each in 

tMMn'Mrfdtnt. »r tte S°»«| jtSf ap %rently of little import- 
-of Trade, proposed «« *» inre gathered from several 
young women should be re- 

.nqired to vrerlc-hian jnug* 1 ®" onJ r safe role to. 

ot ; national importance for * , h - rpfl7rp never to mention such 
period equal.m.ti«i «wd by ihe form of 

«TO Ii» 4 be arme^forctj• - — JJS e d ^Ihirfons. cscept to 
-In Scptenibcrv Mr Isaacs pro* cu^rica informed of 

dared in* prwowl for w®; those *nam» of Stale - 

scrtptta* into industry W ®JJ5 Th TJ5nlMlte enmu*. SO ream 
whom he dr# ribed^ a* spivs ^ tfta t ihi«: dlcrom 

and drones who are dome njjf J ,e . r - J gff observed. The 
^inwards the tviimnal well ^ p nf Cabinet papew 

*5S ELTSSrSL?~£. 

■gr ^SSJSSi' TTiWr *rr- h,,n E »IU»M wilhou. 
the Control of esplaMtioiL 


p.s. ' 

co -opera Q aeP- mors . 


r.:i 



The Co-operative Bank 


YOUR CARING SHARING BANK 












r 



Financial Times Tuesday January 


Entertainment Guid 


GENERAL OUTLOOK 

Optimism increases 


6 Statistical Material Copyright Taylor Nelson Group Ltd. 

GENERAL BUSINESS SITUATION 


4 monthly mowing total 


INDUSTRY IS more optimistic 
'both about the outlook for the 
U.K- economy as a whole and for 
its individual business prospects. 
All three sectors questioned this 
month were more optimistic 
about the- U.K. economy than 
when last surveyed in August 
and this index is now near the 
"high reached in May, 1976. 
-Moreover, none of the companies 
Questioned this month were less 
optimistic about their own com¬ 
panies’ prospects than four 
months ago. In spite of this level 
pf confidence, companies con¬ 
tinue to express fears about the 
possibility of industrial dis¬ 
ruption and excessive wage 
settlements. 

* Concern about a slowdown in 


Deliveries 


BiJmiUps'Kr'Bnas' 

1972 *73 *74 ’75 ’76 1977 

the rate of growth of exports is 
reinforced by the survey. While 
the vast majority of companies 


expect a rise in exports in the 
□ext 12 months, the percentage 
has been slipping back quite 
noticeably since the end of the 
summer. The engineering sec¬ 
tor is, for example, less confi¬ 
dent about increasing its exports 
in 1978 than it had been last 
August, with references to the 
depressed state of the world 
economy and the difficulty in 
meeting increased competition. 

The generally sluggish charac¬ 
ter of the economic recovery is 
shown by die further slight fall 
in the indicator for recent deli¬ 
veries. Both the engineering 
and the brewing and distilling 
sectors are less inclined to 
report higher deliveries than 
four months ago. 


Art you more or less optimistic about 
your company's prospects than you were 
four months ago 1 ___ 

_ More optimistic 

_ Neutral 

_ Less optimistic 

No answer 


EXPORT PROSPECTS (Weighted by exports) 

4 monthly moving total 


December 1977 
Eng’S- Brews. 

(non- and Paper & 

elect.) Distills, connected 

% % % 

73 56 44 

73 24 56 


Over the next 12 months exports will be: 

Sept* 
Dec. - 
% 

Aug*- 

Nov. 

% 

July- 

Ort. 

% 

Higher 

S3 

86 

89 

Same 

10 

10 

10 


_ Lower 

Don't know 


HEW ORDERS 


ORDERS AND OUTPUT 

Slow growth expected 


The trend of new orders in the last 
4 months'is: 


BUSINESSMEN ONLY expect a 
gradual recovery in output in 
the immediate future; there has 
been a further small fall in the 
-net balance of companies pro¬ 
jecting a rising trend of new 
Ardors in the last four months. 
■Although the engineering sec¬ 
tor repnrts a higher recent 
order intake than four months 
kgo, both the brewing and dis- 
.tilling, and paper and connec¬ 
ted sectors are less optimistic 
'than before. However, within 
engineering, there were reports 
of depressed demand and more 


Order 

Books 


BdntdUpWSiK' 


75 76 1977 


difficult export sales with _ • _ Down 

noticeable import encroachment No anjwer 

Few companies now expect a 

production/sales turnover 

in the next 12 months. There 

has also been an increas* in the Those , produetion-sales turn- 

proportion within the brewing over ln the next )2 months to: 

and distilling, and paper and- 

connected sectors of companies --——-— 

saying they expect a volume _ Rise over 20% 

change of under 5 per cent Con- _ Rise 15-19% 

sequently the index for the Hh e 10 - 14 % 

median expected rise in output - »■ ' 

during the next 12 months has -— 

dropped back from 5.9 to 52 _ About the same 

per cent, compared with 6.7 _ Fall 5-9% 

per cent, three months ago. _ No comments 

Median change 


4 monthly moving total 

rL- Aug.- July- Jui 
c. Nov. Oct. Sej 

% % % 

42 45 53 

77 17 14 


4 monthly moving total 


December 1977 
Eng'g- Brews. 

(non- and Paper & 
elect.) Distills, connected 

% % % _ 

68 99 97 

13 1 3 


December 1977- ’ 
Eng*g. Brews. — 
(non- and Paper & 

elect.) Distilb. connected 

% % % 

79 34 SS 

11 211 24 

10 22 T 

— 24 18- 


Dec ember 1977' 
Eng'g- Brews. 

(non- and Paper & 
elect.) Distills, connected 

% % % 



mm 










mmm 

n 

llllii 


18 

19 

21 

15 

16 

22 

24 

27 

38 

52“ 

44 

40 

37 

33 

32' 


WMWmi R 


CAPACITY AND STOCKS 


STOCKS 


Shortage of skilled staff 


r A SHORTAGE OF home demand 
’Continues to be the main con¬ 
straint on production and com¬ 
panies in the brewing and dis- 
.UJ’ing sector were even more 
.'inclined than four months ago 
to': refer to this factor. But 
there has been a further notice¬ 
able increase in the percentage 
of companies mentioning short¬ 
ages of skilled factory staff and, 
.also to a lesser extent, of ex¬ 
ecutive staff. The impact of 
labour disputes is also grow¬ 
ing. The result is that the index 
Showing the extent to which 
loutput is affected by demand as 
opposed to supp.'y shortages 


capacity working 


A bove target capacity 

_ Planned output 

Below target capacity 
No answer 


Factors Affecting 
Production 


tanpZdfcafft 1 
60 /. _ hdrcbsmnp- 
ttagankn. 


1972 '73 


75 '76 1977 


continues to show virtually no 
change. 

The staff problems were 
described by snme companies as 
only local and were attributed 
to pay policy, which by reducing 
differentials has both caused 
shortages and produced lower 
motivation. 

The modest nature of the 
recovery in output so far is 
reflected in the indicators for 
capacity working and stacks. 
Expectations for an increase in 
the volume of work in progress 
and of stocks of manufactured 
goods over the next 12 months 
have tended to fall. 


Raw materials and components over the 
next 12 months will: 


•_ Increase 

Stay about the same 

_ ■ _ Decrease 

No comments 
Manufactured goods over the next 12 

months will: _ . _ 

_ Increase 

, _ Stay about the same 

_ Decrease 

No comments 


4 monthly moving total December 1977 

Eng’g. Brews. 

Sept.- Aug.- July- June- (non- and Paper & 

Dec. Nov. Oct. Sept, elect.) Distills, connected 

% % % _ % % % % 

3 0 31 23 _27 40 25 71 • 

5 4 54 5 4_4 9 40 75 29 

7 8 10 10 — — — 

7 7 13 14 — — — 



23 

29 

25 

32 

24_ 

29 

27 

48 

41 

42 

41 

60 

66 

52 

4 

25 

5 

25 

8 

25 

8 

19 

11_ 

5 

5 

~iT 


FACTORS CURREHTLY AFFECTING PRODUCTION 

4 monthly moving total 

Sept> Aug.- July- June- 
Dee Nov. Oct. Sept. 


December 1977 
Eng’g. Brews. 

(non- and Paper & 
elect.) Distills, connected 


4 monthly moving total 


December 1977 
Eng'g- Brews. 

(non- and Paper & 
elect.) Distills, connected 

% <•/■ 


5 — 24 

85 80 38 

10 20 36 


Home orders 

81 

76 

77 

75 

90 

95 

88 

Export orders 

60 

60 

57 

51 

90 

64 

73 

Executive staff 

20 

25 

13 

15 

16 

60 

70 

Skilled factory staff 

38 

36 

28 

29 

21 

60 

61 

Manual Labour 

3 

4 

4 

4 

16 

20 

— 

Components 

8 

8 

6 

4 

5 

2 


Raw materials 

10 

8 

10 

13 

5 

20 

— 








INVESTMENT AND LABOUR 

Caution on jobs 


Production c a pacity (plant) _ 11 _10_17_1_ 

. Finance _ -1 _1_1_ 

_ Others _ 12 13 10 

__ Labour disputes _32_29_21_1 

No answer/no factor 2 2 2 * 


LABOUR REQUIREMENTS (Weighted by employment) 

4 monthly moving total 


1 6 — — 

49 84 3 5 

— 58 


December 1977 


THE MOST DISCOURAGING 
feature of the survey remains 
-the tiny net balance of com¬ 
panies expecting an increase 
■ rather than a decrease in their 
labour force over the next 12 
months. Indeed this index is 
fractionally lower this month as 
"both the brewing and distilling, 
.and the paper and connected 
sectors are more pessimistic 
than four months ago. 

. ‘ The recently Introduced 
question on factors affecting the 
number of employees shows 
that it is employment legislation 
and other factors related to the 
structure of the employment 


Jtef®dto0rt 

l Labour 
\ Requirements 



Those expecting their labour, force over 
the next 12 months to : 

Sept.- 

Dec. 

Aug> 

Nov. 

July- 

Oct. 

June- 

Sept- 

Eng'g. 

(non¬ 

elect.) 

Brews. 

and 

Distills. 

Paper & 
connected 



% 

% 

% 

% 

% 

% 

% 


Increase 

u 

25 

23 

24 

16 

— 

5 

market are discouraging an In¬ 
crease in staff rather than just 

Stay about the same 

56 

20 

54 

55 

55 

_61_ 

76 

_86_ 

shortage of demand for pro¬ 
ducts or uncertainty 

No comment 

1 

1 




9 


ID 41 


STRAND. 01-B36 3660. EiranJiros BOO. 
Mat. Thur*. 3 . 00 . samrtHv* 5.30 ».i» 
P L EA SE ■ —, 


hhHrfqntd 

'QpMfDm' 


1» 


-rt* ■ ■_I-1-I-1 

50 * 1972 '73 '74 ’75 ’76 1977 


TTiere has been little change 
in the Indicator of expected 
capital expenditure during the 
□ext 12 months with more than 
half the companies questioned 
again projecting a rise in the 
volume of investment over the 
period. But both the brewing 
and distilling, and paper and 
connected sectors have shown a 
rather greater tendency to ex¬ 
pect expenditure to stay the 
same or fall than four months 
ago. 


CAPITAL INVESTMENT [Weighted by capital expsu ditere) 

4 monthly moving total 


Those expecting capital expenditure over 
the next 12 months to; 


Increase in volume 
Increase in value 
but not in volume 
Stay about the same 
Decrease 
No comment 


December 1977 

Eng’g. Brews. 

(non- and Paper & 
elect-) Distills, connected 


Si 

52 

1 

% 

13 

_43 

•If 

36_ 

47 

29 

17 

— 

15“ 









COSTS AND PROFIT MARGINS 

Inflation rate falls 


COSTS 


4 monthly moving total 


Sept.- Aug.- 
Dee. Nov. 


July- June- 
Oct- Sept. 


Total Unit Costs 

/fW* 1 



^BUSINESS APPEARS to be 
jaking a middle of the road 
view about the prospects for 
cost and price increases during 
J97S — and is neither as pessi- 
jnistic as some of the Forecasters 
por as optimistic as the official 
projections. Expectations for 
the rate of Increase in both 
Wages and unit costs showed 
Virtually no change last month 
-i-with median rises of 12.7 and 
12.1 per cent, respectively pro¬ 
jected. The majority of com¬ 


panies expect rises in the 10 to 
15 per cent, range. 

The median expected rise in 
prices during the next 12 
months has fallen slightly from 
12.1 to 11.8 per cent — reflect¬ 
ing the fact that the paper and 
connected sector is less inclined 
to expect price rises of 15 per 
cent, or more than it had been 
in August 

Industry, however, appears to 
be less optimistic about the out¬ 
look for profitability than earlier 
in 1977. The profit margins in¬ 
dex has started to level out after 
its steep fall in the autumn, 
though only just over a quarter 
of companies questioned expect 
a rise in margins in the next 12 
months. 

These surveys, which are car¬ 
ried out for the Financial Times 
by the Taylor Nelson Group, are 
based upon extensive Interviews 
with top executives 

Three sectors and some 30 
companies are covered in turn 
every month. They are drawn 
from a sample based upon the 
FT-Artuaries Index which 
accounts for about 60 per Cent. 


Volume of 
Purchases 


r bfaflid apc&fUp mrDras 

25*1_1_L_I_ 

h 1974 1975 1976 1877 

of the turnover of all public 
companies. The weighting is by 
market capitalisation, save 
where an alternative method of 
weighting is dtecL 
The all-industry figures are 
four-monthly moving totals, 
covering some 120 companies in 
II industrial sectors (mechani¬ 
cal engineering is surveyed 
every second month). Complete 
fables can be purchased from 
Taylor Nelson and Associates. 


Wages rise by : _-_ 

__5-9%_ 

_ 10-14% 

_ ; 15-19% 

__ 20-24% 

_ 25-29% 

____ No answer 

_ Median change 

Unit cost rise by: _ 0-4% 

_ .5-9% 

_ 16-14% 

_ , 15-19% 

_ 20-24% 

_ Same 

_ Decrease 

' _ ■ No answer 

__ . Median change 

PROFIT MARGINS 

Those expecting profit margins over the 
next 12 months to; _ 

Improve 

_ Remain the same 

__ Contract 

No own mart 


December 1977 
Eng’g. Brews. 

(non- and Paper & 
elect.) Distills, connected 


% 

% 

% 

—-_ 

20 

_8 

77_ 

_56 

57' 

13 

4 

_ 



8 

TU 

3 

6 

12.8 

4 

_10 

13J 

5 

17 

12-7 

3 

13.2 

_ *0 35 

11-8 12.1 

— 1 

12 

64 

8 

11 

64 

8 

8 

52 

19 

_11_ 

_50 

22 

34 

42 

24 

9 

71 

_4 

_42 

35 _ 




_2_2 

_1_ 1 

1 0 10 

*12-1 111 


4 monthly moving total 


Sept*- 

Dec. 

Aug.- 

Nov. 

July- 

Oct 

june- 

Sept. 

% 

27 

46 

22 

% 

_29 

45 

22 

% 

_35_ 

_45 

15 

% 

_48 

33 

14 


— _ 20 _ 

11.9 12 J2 


December 1977 
Eng’g. Brews. 


» 8 54 2 9 

» 39 46 

1 4 5 25 

5 — — 


■ connected 

_ % _ 

13 

_44_ 

_26_ 

17 




























































































































































































































































































































































































































































'■*' . ■■ __■_/ ■ - 




ineenng 


v, V-.-V 


Drinking water in remote areas 


for an 
l market 


£7m. order 
won by 
SLP Group 


SSSy. Td SKf“SS ^ ^ ^ 

ta ,Nnv«rCnig lifte - theatre *esearehwhich includes kvesti- HoSi of 3«K) toInes ^ t^bl C J 

^ was » s-k 43 SfffiS Second unit 


coming sprmg. SATISFACTORY pptable water operation are supplied with tie diameter pressure filters filled 

The vast marina project itself, supplies are scarce in many parts unit. Also supplied is a stock of with gravel and capable -of an 

which is being masterminded by of the world. Villages in remote chemicals sufficient for producing aggregate throughput rate of 

the Louis de Soissons architec- regions frequently have to rely 1.000 cubic metres of potable 5.000 litres/hour“ 
tural partnership, was estimated on polluted water containing a water. Only a minimum of The filtered water passes 
in 1975 at £43ra. and will re- great deal of salt Large con- chemicals is required for treat- through a vessel filled with 
quire the pouring of about *m. strnction sites in North Africa ment and only such chemicals are activated carbon in which all 
tons of concrete and the placing and many other regions are used which are available even in substances imparting an un- 

Qf 10,000 tons of steel to faced with the problem of procur- less developed countries. desirable taste and odour to the 

complete. ing sufficient water locally for The mobile emergency diesel- water are retained. Disinfectant 

• _ 9 use as drinking and service generating set which is available is introduced immediately down- 

Sp^ATlft lmif water. Flood and earthquake as an optional item makes the stream from the activated carbon 
| iJvLUilu UXftIl disasters again and again demon* unit independent of the local filter. The water discharging 
. -m • ■ strate how important It is to have power supply network. from the filter passes into a 

m iVlltDfbTlAO a “PPfr of wateE rapidly avail- Water treatment is effected in reservoir with a capacity of 2 
itIIIIvI iCd able. three steps: primary purification, cubic metres or is fed through 

^ v To meet these requirements, secondary purification and de- toe desalination step provided it 

ldYirllTlQ V"u Robert Reich ling GmbH of salination. When the water is contains more than 500 ppm. of 

1 AHUUl Am. Ilk Gevenbroich, has designed a polluted but contains no salt, ralt. 


of industry 

CRENDON 

precast concrete 
V .. structures 


CRENDON CONCRETE CO LTD 
. 'Thame Rd., long Crcndon, 
Aylesbury.-BackS.HPl 8 9 BB, 

I"el: Long Crendoh 2QS431 • 


machinery to modern sources nf tion “d deceleration rates of for SheimW, rS™H.»»r «!“ ‘JvLUlIU lUlll disasters again and again demon* unit independent of the local filter. The water discharging 
PWm snJv * 11«» and providing smoother • t if. . . strate how important It is to have power supply network. from the filter passes into a 

had a* 1 ttey rides for the passengers. StvvKS £fMS? 01 lfl MuiAflAC! a mpplY of wateE rapidly avail- Water treatment is effected in reservoir with a capacity of 2 

operated >. "ter The comply, foS ip 1906. ® The e% to bf mp- 111 IVlMOneS able. three steps: primery purification. cubic metres, or is fed through 

pressure. has had a lot ofexperience onburned °5t t SZJSn 1 i i To meet these requirements, secondary purification and de- the desalination step provided it 

^or many years, the now " hieh **** its research. It has yards?Work winbeginsoonaSd 15171 ff 111 £11* K Robert Reichlin e GmbH of salination. When the water is contains more than 500 ppm. of 

defunct London Hydraulic Power j® 8taU * ,i over 20,000 lifts of all eo^eSonfe duel? 1 February * ttilllllldtl Ik Gevenbroich, has designed a polluted but contains no salt, salt. 

Company, provldedwater^fr W e Dds and following acquisition Sw At heSht of the w START OF the larger second m0hile purification plant the desalination step can be cut J^ssure gauges upsti-eam 

i-s ssiwji Sff Fi “ te,ea * ■ »*»* - 0 a .h™. ,**.», s^MrasssitfiK 

mtie* under London’s streets, total. * 2322 C0nstTUCtin S toe itaoriesTLoSdoi has be^n It is easily transportable and trifugal pump withdraws water Alter indicate the degree of 

South coast -fJB.Vwsxs nvpHSh .,« SSSWSfcS -TiSSpS « 


war aooui 4,000 lifts relivrl rvn iT *u« »*. a. ouuui ana 

this power source. ' f° ns headquarters in Fetter ^ 4 .^ 1 ^ 1 . 

Abnii* fnn I,aae ’ London, E.C.4. and the 51 IT TOT 

the UjL'J receDt award of a £700.000 con- 1 

a foremost lift mann- tract for lifts for a hospital in T* • 

.SSraJS—-p and Xhamp- Dubai. The company regards the Rrfl71Ar 
ness ‘ wutracted to repair and latter contract as a good omen 4 l1C1 


Protecting a 


AUTOMATIC in operation, 
Pyrobel fire vents will fiy open 
in the event of a fire in the 
building on which they are 


ISSpE Brazier IsSS 

STiSm? bu^bvWTB^LH® fDr v * itS potentiaI overseas OF THE four contracts worth, and it is to be completed in 19S0. metres of polluted brackish gJried away from the bottom 28 b£r through the m™nL 
y w sy8tem >ut by 19TB, when mzrtels. ■■ i n total. £4.4m. ( starts on which Architect is Trehcarne, water containing up to 5.000 ppm A primary SlSrlnY screen of the modules. Ewy Sree 

”lw«ca]K?S,»™tif® 1 » 1 6 S ^ d ^ In W. H. Smith's building the were recently announced by Norman and Preston. of salt. remoVesTotids such « E iaxS and modules ie TrraiS in 11 

cheaper to Sn ihL we ! e compan y ha 0 s installed three lifts Brazier and Son of Southampton, Wimpey has recently topped The unit is of sturdy construe roc ^ particles from a the^nt^ke pressure tubes. Before entering 
TOO^ wateSriJSS'wSf at 2 - s metres Per second by Tar the largest Is Phase 2 of out the first phase of this big tion. requires tittle maintenance wate r. the pressure tubes the water is 

r - .■ T P Wer ^ lef I- for 500 feet a minute). Each the Am dale shopping centre at development—Bam £fwes House, and can be run by non-specialists Floeculants, oxidants and disin- filtered in a filter candle. In 
Last June. Hammond and lift carries 10 persons and serves PoDie.-Dorset. This project is which covers some 66.000 square after a little training. There is fectants are added in the addition, specific chemicals are 

™^S ne . BS a«ete«led a pro- W Boors There are also four worth £3Bm. reel. a hnilt-in laboratory for making secondary stage. The solutions introduced hv metering pumps 

sramme to .convert ail remaining other lifts each carrying - 10 Making up the balance is an water analyses. To .ensure are prepared in plastics con- to ensure long life of tie 

lira and other water-powered Persons and serving four floors office block for Equity and Law UAifHAinn reliable operation in remote rainers and are introduced into modules. The membranes 

equipment and this has now been P lusa staff lift with a 10-person Life Assurance Society and a JAvUIIUllci “ reas a11 components and the intake water upstream of the separate the water into brine 

done. This _ conversion pro- car serving 10 floors. health cenire, both in Southamp- _ assemblies have been designed two filters by means of dia- and low-salt clean water, 

grammq provided much-needed The £250m. Dubai hospital Is to ton and the refurbishing of W. H. Arf Anfo to be serviced and repaired with- phragm-type 'metering pumps. Fried Krupp GmbH, 43 Essen. 

- work in a depressing year for lift have 19 lifts. There is to be one Smith .and Son’s premises in CllcL|.3 out apy special tools The filtering section consists of AJtendorfer Strasse 100. 

manufacturing and Mr, Arthur “banh” 0/ four lifts each carry- Portsmouth. ' Wear parts for two. years of two parallel-connected, 700mm. German Federal Republic. 

Little, managing director, thinks in S 12 persons and serving 13 _ Cftinl/D 

. manufacturers are facing a floor ® “d two further “banks ’• MrAfn^inrr o JilllfliC 

similar prospect in 1978. of four bed-passenger lifts. Sis 1 1 UlvtllllU d «,rmwiTir Bna „ Hn n ■ ■ — ■■ ■■ —————- - - - -— — -— 

. y-i - f , of the latter will each carry 24 ■ ■ ™ AUTOMATIC in _ operation, 

SSS. aS Jff ” boathouse &^ 1 TOt??a W £e , In°S^>| •!•. • » give maximum effect. Focal independently suspended beads 

trtraisr . major M z ^ as Ceiling job a? 

tittle change until 1979. Expan- passenKer nf*- are to be D r<w boatbouse f ac *lity for vessel to atmosphere. _ _ special acoustic baffles were con- asphalt surfaces in 3 metre wide 

non !$ only likely through orders Lj^ed as well as mnife lift# anfl overhaul and repair with capacity This has two effects—smoke /VHYVnl ATAri : structed on mild steel frame- passes. 

from overseas. .. - document hoists. *CompleXn“f l £ H n 3*Z Craft t 0 J° ton f a l 1° pre “ Is « an ^ 8°°? a tUlIipiClCU work suspended on wire cables Recently employed on a 

. I* anticipation of better times the 640-bed hospital is due in. Brighton marina have so 1 ved is sharply reduced and, with ««•«» to faciUtate height adjustment 225.000 square metre night 

Uamroond and Champness is mo p 18 e the problem of creating a struc- fumes constantly evacuated, fire UNDER a £230,000 contract grooving contract on the New- 

■ ture able to withstand corrosive fighters can more easily get to Bridge Walker (Trafalgar House _ port Freeway, south of Los 

seaside atmospheres and be the source of the fire and deal Group) has installed a range of 1 1 1 l_ A n^-/vn4- Angeles, the machine cut a longi- 

’. . . strong enough to support the with it. At the same time, ceilings, mostly decorative but I 110 mSltSl tudinal -groove pattern consiat- 

boat-bandting crane. identifying the exact location some of gop^sticated acoustic ^ ing of 2.5 mm wide. 6 ram deep 

1 UllSIfl SllHI I Or TOOTS P ve ^ and v Par ? e ” °. f ““unum temperature is deBign> throughout the whole of • grooves spaced 19 mm apart 

T ® R 1VV4lJ seJected II Meteec phosphate- simplified since only those ven^ ^ new mu ]ti-purpose Con- arflOVPr III Mounted on a 280 mm diameter 

, , coated lattice steel beams to closest to the conflagration will, farjapAnpe nentre- on Rriehtnn W * fiJU arhnr anrf rdtsflnv at ^nnrnv-i- 

• A NEW sheet roofing material lene material and. its toughness form the structure of the 30- in effect open up. seafront. BridEe Walker’s con- ° matelv 1°00 rnm. the thin-seclion 

• has been introduced by Briggs is derived from a double rein- metre-long building. The cold Developers Argosy Fenton say S is onf of theYargest it has fkn WtfhCT mm °d°ia£Se? blSdes were 

- Amasco. forced base, compnsmg a layer roll-formed beams are also they believe Pyobels to be the undertaken \ v recent years. lilc TT CIS I constantlv cooled by water 

—__ °f needled polypropylene and a coated with an epoxy micaceous first roof units designed speci- „ , . . . oumned from a trailing tanker ’ 

Tuff . 75 was designed for the iay er 0 f gjass fibre tissue. iron oxide formulation which fically to vent in fire conditions. Main contractor For the erec- CLAIMED to be one of the while a vacuum device 8 forminz 

company, a member of the Tar- It is used as part of a normal provides a further barrier to the And insurance companies appear tion of the centre was James newest and largest groovers in pan of the machine trait? 

•mac Group, to offer high roofing specification and does not saline atmosphere. It is applied to accept this since they are {angler and Company of craw- operat j oni a ] arge 32 metres sucked up the slurry and’ 

resistance to fatigue caused by require special treatment or the over zinc chromate-red oxide prepared to reconsider fire ley (Sussex). long American machine safety- enabled coolant to be filtered 

normal movement in *he sub- “f® °/ Dew , ^ iD S techniques, primer^ premiums where these par- Bridge Walker was awarded grooves highways at rates of up and recirculated, 

rtratn nf a mnt -.nd ’ s+fpccpc Manufactured in 15-metre rolls Ciadding of the building Is in ticular units are specified. the sub-contract for the supply i 0 g metres per minute. Because of the machine's con- 

ut a roui juu aucaaes it has a nominal width of 1 metre a stove-coated, profiled alu- More from the company which of material and the erection of The 600 hp machine uses up siderable length and complexity, 

frequently encountered .with with a nominal sheet thickness of minium sheet operates from Island Farm the ceilings using a wide range to 160 blades containing De intercommunication between its 

-^modern and efficient-insulants. 2 mm and weighs 2 kg per square The marina boathouse is due Avenue . Ea st Molesey, Surrey; of materials such as mineral Beers SDA synthetic diamond, three crew members Is achieved 

■ It is a bituminous polypropy- metre.- for completion early in the 01-979 7777. fibre tiles and fibrous plaster to The blades are contained in four by radio. 


Ceiling job 
completed 


give maximum effect. Focal Independently suspended heads 
point of the project was the which together enable the 
main auditorium area . where groover to machine concrete or 
special acoustic baffles were con- asphalt surfaces in 3 metre wide 
structed on mild steel frame- passes. 

work suspended on wire cables Recently employed on a 
to facilitate height adjustment 225,000 square metre night 

grooving contract on the New- 

_ port Freeway, south of Los 

1 1 ’L a fnofAof Angeles, the machine cut a longi- 
■ lie IdSU/bL tudinal groove pattern consist- 
* ing of 2.5 mm wide. 6 ram deep 
• grooves spaced 19 mm apart 

(T|*|"ir) VAf 1II Mounted on a 280 mm diameter 

O 1 T au arbor and rotating at approxi- 

■m w-w- j mately 1200 rpm, the thin-section 

Firl A Wf ACT 450 mm diameter blades were 

I.L1C TT constantly cooled by water 

pumped from a trailing tanker,' 


Crane fleet 
extended 

MOBILE CRANES capable of 
lifting 350 tonnes have been 
added to the hire fleet of G. W. 
Sparrow and Sons, Lower Bristol 
Road, Bath BAS SET (0225 
21201 ). 

Two Deraag TC 250-tonne 
capacity lorry-mounted cranes, 
which can he used with a special 
“Superlift" attachment to in¬ 
crease the capacity to 350 tonnes, 
are now available in the U-K. 
Various outrigger lengths and 
counter-balance attachments can 
be fitted to suit lifting conditions. 

As an example of the crane’s 
capability, with the standard rig 
it can lift 104 tonnes on a 24 
metre boom at 14 metres radius 
—using the Superllft increases 
this to 215 tonnes. _■ 


IN BRIEF 

• Western Roadstone (Ready 
Mixed Concrete group) has 
purchased a 35-ton capacity 
dumper from Aveling Barf or d 
costing £50,000 and a Cat 966c 
loading shovel costing £55,000 
from Bowmaker (Plant). 

•1 Taylor Woodrow Construction 
(Northern) has been awarded a 
contract by the petrochemicals 
division of Imperial Chemical 
Industries for the construction of 
services and serviceways at its 
Wilton works in Cleveland. 

• Simon BBRV, a division of 
Simonbuild, Stockport, has com¬ 
pleted another contract for the 
vertical stressing on the second 
19.5 metres high concrete bund 
wall built by Christian! and 
Nielsen, for the British Gas 
Corporation at its liquid natural 
gas (LNG) storage facility "at 
Avonmouth. near BristoL 

• Willett has been awarded a 
£648,000 contract to build 58' 
flats at Charlecote Road, Wood 
Lane, Dagenham, Essex, by the 
Greater London Council. A start: 
is to be made in late January. 
Architects are Ronald Ward and 
Partners and the consulting 
engineers Ernest Green and 
Partners. 


I Mil 


' EDTOD BY ARTHUR BENNETT AND TED SCHDETERS 


• PROCESSING 

Keeping it 
rolling 


• SAFETY 


Identifies chemical hazards 


• INSTRUMENTS 

Digits give 


Lovell 


Jraint goes on 
under water 


for 

construction 

01-9951313 


generator 


• MATPDIAI C - rAlllTlO' WITH OVER 600 different 7* x 7 inches) containing all the from fumes; whether the sub- j-ntYinoratnra AAn(4n.#«tiAv« 

wm ICKIAU / lulling chemicals carried in bulk in the equipment and specialist chemi- stance is corrosive; how it reacts lltlUUvl mImIC? COnStrUCtlOfl 

m . . UK there Is a constant risic- cais required to carry out with water and whether it is * 

'• 'EJPf-ftwwft'ff* A'AACI AVI SPECIAL paper drying rolls h - ' ... -jamiediate on site identification flammable or explosive. INTENDED mainly for single or /vi OQjr-foio 

- rainr lilies lin- designed by Holder Consultants 1 chemicals in transport. 10- ^ r rprnmTnpnrfo multiple channel temperature Ul-yyOlOlO 

VkJ of Bury, Lancashire, has enabled Pleated by the presence of un- gether with a comprehensive measurements in the plastics in- — 

the Swedish group, Emsfors identified chemicals. That the reference manual, ll is claimed P® JiflH .** p .^^__ dustryi a digital temperature in- . . - 

' ‘ . Brak, to undertake a major risk is a real one is indicated that this kit makes it possible JJ. a . 1 ?|®*T a “ dicator from Eurotherm should*—---- 

lltlHor fX/QTOT • mojern^atlon programme at a by the fact that there .is - an for^ll.coming into contact with «Sat kft SaSSS prove usefuI in other ***** of A AAliratP 

1111 Uvl ffttlCl unit previously threatened with average of 250 incidents a year Potentially dangerous material process controL /VLCIll d-lC 

. *“«■ : ^ cbemical and petn >- KiiSSfclni^eiSSd The single channel version has . i- 

A COATING : M may be priced to provide reinforced To “ oon-teehnie,! p* l^trSction” o^bn'S 11 to Is picked in ifc.'USm senerator 

• applied to submersed surfaces concrete waiting without vihra- t - at ^ i6o. yearH ,id multi- sonnel wtih the sort of informa- deal wth spillage of a specific chemical reagents, etc.—m two 

wfli protect underwater struc- tion or tamping. storey paper mill would have lion needed to decide quickly substance and does not attempt f oa . m ti-ays. even a sunall torch toe e ' of^ten MAD . E T ?? >hn "? I I™n?hu , in 

. S a inrt erosion sod "^.opod by Ko.der £« If 1 UttWVT* | 

SS Group! 1 dry' every sSES’SMB 

nr#* Ms? s&jssss g®S jSbS sa-“ 

i , d cl £„”iS“Hi rf ss aaaYsjfwaR r caa.’as? £ 

manner of conventional paints ... Holder Groups manufacturing nnA«eeiue 12.5mm high; polarity and fixed Hz; using multiplier press bin- 

' above water. .■ r.^d-i fm* company, Famac Machinery, at • DAI A rKULtbtilNU decimal point are shown and. on tons this becomes 20 to 30,000 Hz 

According to the temperature Kfl fflArV If 1] ; . Bradbury, Cheshire, and another , . . . _ . . _ tbe multi-channel unit a row of or 2 kHz to 3.0 MHz. Accuracy 

of the water, the coating cures * Avi •. gr 0U p company Foreest Erection T n lK: nfr Because the print head travels The net effect is that cus- lig ht diodes indicates the chan- at four specific points on tins 

at varying rates to give a tough, i i Services, installed the equipment | |C1 fg ff lO aT ® 0, “ tan t speed there is no to mers J?! 1 * p ?. y ,.*° wer * ota * nel selected using a manual dial is five per cent and is a 

hard, chemical-resistant surface TinFOllS * under a contract worth a further _ ® ne * d fo T • complex feedback charges ^ application software swi tch . Out of range inputs pro- maximum of 20 per rent, at all 

■ with *dhdsiorL ■ UvlUUJ I £250,000. Jsystem to determine the correct during penods when program aucg a b ] ank display except for other settinas. 

It Is a^ited that lhe coat- * | The modernisation scheme cost flUV QISC tiling of print pulses Whbon ^ is low and larger numbera polarit yi ndica ? io S, The inltiSient also offers a 

l 5i,l ,aSletln C1UT5) J the. parent Sodra Skogsagama feed/reveraeand paper feedcan ofcustomersshDuld be able to More about the instruments, voltage ontput proportional .'50 

lffrrfuhSwatir ^ group in Sweden some £7m. but ALL-PIHIPOSE disc control be controHed automatically with- take advantage of new software, whieh ^ aTI accuracy of ^.5 frequency to allow frequency 

SSSturef Sdi m rieS?jetK MOST epoxy primera used for According to Holder the Swedish equipment has been developed out control signals SH^h£!TihSJfil^SS per «*■ ^om Broadwater Trad- plating on a recorder. 

SS? drimne DlS porous sumces such as conc^te company is now receiving an to enable the many types of There are no_ clutchra, ttinlng who may have a timited or inter- iog , Estale> Sussex BNl4 gNw K Mo ^ from l Boulton Road, 

- .S~S off aruiinE pa plcmented, twtwmmpoiyait economic return on its invest- magnetic disc drives from com- disics or reversing mechanisms; « < 0903 316S1). Reading RG2 0NL (0734 8612S7). 

svstems^mmlated primarilySor ment and developing its Euro- panies such as Ampex. Diablo, the head always traverses a com- f a Q ^A p m CT resource such as 
W 52?*2E nrimSaon-Porous surfaces such pean markets for the lightweight Calcomp, CDC, Uemorex and plete line from left to right and APEX IU. PAUDnurUTC 

Wetherby, Wee Yo rk^i lre LSg p "™“*. onp papers in which it specialises. Tally, to be attached to any one returns .to the line start position , _ O COMPONENTS 

7B2L Boston Spa (0937) 843413. ** noroiis surfaces there is a of very many 16-bit mini-regardless of the number of Innlr TT* 1 t* 1 ' 

toStoncy fS toe Sent la b5ld computer, characters printed. Five cwbon dOSCr lOOK H|2n TIPITOrmanCe valve '' 

• P‘- -"J ' 4>*ckthe oenetration of the resin Matchmaker - units will thus cooies can be generated. UtiiUl IIJiailLt T ell ▼ V 

KPinTOrCCu. -■■nd' SO reduce adhesion and • PACKAGING allow a user to select toe disc M®re abojit the unit, which is «w|wpwi|-|Q SERIES 400 jetpipe servovalves return, but the return spring on 

VI. .^coverage. ■ Mves wWch best roit hjs pu^ available with or without paper 111lCI U^ previously restricted mainly to the piston causes it to overtravel. 

a 1 j * To-fill the need for a pnattr rather being limited suppjj and ^ndting mechanisms M f CR osystems 78 is a three- aerospace — are being offered at which withdraws about 2 cc 

imZlllatPfl for porous surfaces. Quentsptass JL OJLyCSlCl to those supplied by the mini- on 01-992 5388. seminar and exhibition 30 PW “"L lower prices for fluid from the delivery pipe back 

mSUXdlCU is Irfrermg .u unpigmentod maker. general industrial applications Into the valve body. This ensures 

11* ' material with excellent penetra- 1 __ UP to four drives may be U„_ _ llrlA nossibilitres onen to the user of wkere precise control and fast positive shut-off and prevents 

walling s ta, Vve!Te. Iuri KS cord strap A*S £%Broader use ^XyTt^.rfakfpTS'it are p ™ ary requlre - nt^ada ir separated ^ 

: S D lh D «ssffl. sss&/Ss& lo .tr”?S'HE cSw * 0 fcomplex sr^siSfTs "A L A n - ^JsssrJ et ^ e ssz 

E 1 IEF™ nrnolomc 3^ MhJ^uee^ ft s “' dra ‘” s ' 

a? 'si as psssu^?»r.?a. te AS«« 

may be applied to damp surfaces £22!!f»>-J SEiST S^RS » M Iff ««, l« fflSy-flJM 


manner of conventional paints 

, fth AreoJSng to the temperature PflJUCFS fOF 
of the water, the coating cures * * ^ 

at varying rates to give a tough, 0 

hard, chemi cal-res Want surface IjOrOlJS 
with excellent adhesion. . v 

It Is anticipated that the coat- 
jng will considerably assist * n Sliri.diC-dS 
prolonging the life of underwater .. ^ j 


weuseroy, wee xoriMnure mm r- - -- 

TBZ. Boston Spa (OMTi S«41S. surfaces there >4 a 

- tendency for the pigment to hqld 

Rpinfnrced Sf S-’SSSTaiaS r S3 


Reinforced 

insulated 

walling 


icoverage. . ■' 

To fill the need for a printer 
for porous surfaces. Quentsplass 
is offering an unpigwented 
material with excellent penetra¬ 
tion into porous surfaces and 
good coverage. Increased 


• PACKAGING 

Polyester 
cord strap 


— .—>. w - nBl seiecieo using a manual dial is uve per cent, ana is a 

need for a complex feedback charges for application software switch. Out of range inputs pro- maximum of 20 per rent, at all 

system to determine the correct dunng periods when program duce a blaDk d i S p ]ay except for other settings. 

tuning of print pulses. Ribbon use is low, and larger numbers p0 Jarity Indication. The instrument also offers a 


o COMPONENTS 

High performance valve : 

SERIES 400 jetpipe servovalves return, but the return spring on 
previously restricted mainly to the piston causes it to overtravel, 


to those supplied by the mini- on 01-992 5388. 
maker. 

Up to four drives may be j ^ 

attached to each Matchmaker rwTftSlOAT 
and storage capacity range will vctuvl 


Oaurio. ' . , „ _ -• increased water and stain resis- . ^ 

- -The blocks are each tonguCd an 5,«? C Thn‘n Arch Trad- Unce: ability to withstand tem- D«Jnfn 

' =r JS £■& SrlS M 

Other benefits are ease of use directly on the amount they use. ** of watches and TV ^ j 

—it can be applied wiih or with* It has been developed to make “? e t0 »i Anci 

a METALWORKING out tensioning tools (depending SGCOIlCl applications software more ' ™ ec ? c a f P a switching V QlyP StODS P” 

- IWt ■ AknUKiunui m use) . H ,, re-osawe; it has ^ZZZ~~^ ^ . • broadly available to large-system ° nly 3 ^ Jwpo 

• l i * —_ good knot strength, and will A COMPACT dot matm printer cns tomers in its traditional areas the A^ld. fl.-l J| ' J * 

Flflcmc 1 np f*3SllTIPS withstand Sharp corners and put on the maricet by Impectron of operatlon-the petroleum, Mneen and othere who are TmjQ firm 

- V^lVdlliiJ retightening. It is particularly has a moving print head consist-chemical and manufacturing professionally interested in usipg -*-B**A^u U1 JLp 

„• . ... mnnere from castings far more suitable for strap and buckle ing of seven Impact print wires industries, power utilities, edu- microprocessors will be brought FOR PRECISE termination of 

- SESIGNffi) and built jno..y rmmn irom efBeientiy than systems as the seal efficiency is in a vertical line dmenby seven cation and the energy and m closer touch with the lech- fluid flow a miniature pneumatic- } 

-. nine .Months, new Sf M iloral lhiBe cutlers much higher than with extruded solenoids. A complete line of 40 weather fields. “*W in the seminar the state ally operated shut-off valve is 

^ ./ •cutlers have just Rone JJ®,'JJ" EJ'vSaw strap. characters is pnnted across 3J The first package becoming of the art will be explained, pew Available from Kay Pneumatics. 

. ' onetatior at the Magdeours- uscu up »v ■ hMe * Available in 1.000 metre rolls, Inches in about one second. available under Control Data’s designs and applications London Road. Dunstable. Beds., 

• Roihenxcr . stcoiworlK in the in «» durum 1978. 10. 13. 16 and 19 mm wide, it has Suitable for incorporation into pricing plan is called APEX III. described and Individual pro- LU6 SDL (0582 609292). 

.Democratic Republic. w rec iinique application;: from bundling built^ equipmeni raneing from pmni: of an advanced mathematical pro- duets presented. The exhibition Operating at air pressures 

cutting U^‘S a the p asma arc cu»»uk icw s ip _ ducts snch as t -, m ber and sale to data logging, model 7040 graromlng routine used- to solve will display and demonstrate the rrnm one to eight bar (operating 

- hfetor : ionised S** ftt'eara ■* frrt ,„ Maade- chioboard panels to strapping produces a character height of linear programming problems in hardware and systems that are pressure must at least equal fluid ■ 


announced a new pricing plan aoniicaimns D f micro, pressure range, with fluid vis- low viscosity Other materials 

for specialised application pro* electronics. cosities up to 500 cenlistofces. for more demanding applications 

£ra ?, s - „ Potential uses of micro- ABBX Denison, Victoria can be supplied. m • 

■‘Usage pricing” wiU allow pro SS5J are uSimited. iSS Gardens, Burgess Hill. RH15 The valve measures 50 x 28 x 
customers to pay for special SST3£fiMi ft «Sh neopte 9ND. Sussex. 04446 5121. 19 mm. weighs 60 grams, and 

software in a manner based 2 P ^“ 0P “° n ^ ^ cn p d e0p ^ has compression fittings fer 

directly on the amount they use. , 4 mm od pipe. ‘ 


electrical 

wire&cable? 


which win co»»***“*-; - 

a the plasiua-arc cutting technique application 


1--- - --—--: K‘WII ia VB'-VW ' * • -- ' . -- ... - r . wvw twoi UUaJ-l. 

cquipmcnrraneisg from point of an advanced mathematical pro- duets presented. The exhibition Operating at air pressures 


t - alWied «i the cutting -cam *nu - “ nootis on pallets. .. men r unner, py me use economic modelling; production curaenny avauauie. pressure). a spring-assisted dlf- 

• flame ictnprraiures m burv-Kuihen»c GDR More from I-awco. 60 Vauxhal! of external controlI circuits, tae scheduling and control: pe'jo- Organisers are lllffe Promo- ferential piston opens a self- 

%5l5*rn -IftflOO and 20.090 . Liverpool. L69 3AU (051- primer can b e made ?o produce chemical processing and blend- liras. Dorset House Stamford aligning poppet vaJve. allowing 

~ Them -fnTechnical I ?"S na S?" J 5 oSm 5*^ 1212), an Ofrex Group com- character* of almost.any.density Ing and. in transport and dis- Street. London SEl 9LU, Oi-621 fluid to flow When the air is 
it «:M he RayirfRh. or founL tiibution. 8T3& shU t off both valve and piston 

■'» ttifiiV* *be risers and 4 iSbW. 


Thousandsof ivees and sires n Slock ‘ 
to immediaieddver/ 

■No minimum order ■ No minimum length 

London 01-561 8118 
Aberdeen (0224) 323551,2 

fcnnxpBrraffrfUrSn-CiIlB 07JS*JEa4SS 


shut off both valve and piston 


i 





















Financial Times Tuesday Jammy 3 1 


Oiflrv ILJ abour 


U.K. TRADE FAIRS AND EXHIBITIONS 


Date Title. 

Jan. 4—15 ......... International Boat Show 

Jan. 5—14 ......... Model Engineer Exhibition 

Jan. 7—12 __ International Toy Fair 

Jan. 7—14 . Racing & Sporting Motorcycle Show 

Jan. 10—15 ...... Internationa! Furniture Show 

Jan. 14—19 . British Toy & Hobby Fair 

Jan. 15—18 . Stationery Industry Exhibition 

Jan. 18—10 . Contract Flooring Exhibition 

Jan. 25—Feb. 1... International Hotel and Catering Exhibition 

Jan. 29—Feb. 2... Brighlshow 78 

Feb. 5—9 . International Spring Fair 


Venue 

Earls Court 

Wembley Cenf. Centre 

Harrogate 

Horticultural Hails 

Nat. Exbo. Centre, B'bam. 

Nat. Exbn. Centre, B'bam. 

Grosvenor House, W.l 

Bloomsbury Centre Htl-, W.C.l 

Olympia 

Olympia 

NaL Exbn. Centre, B'bam. 


Tyne boilermakers 
apply for 6 fair 
wages ? hearing 

BY OUR SOUTH SHIELDS CORRESPONDENT 


OVERSEAS TRADE FAIRS AND EXHIBITIONS 


Jan. 11—15 . Home Furnishing Textile Fair 

Jan. 12—16 . International Furniture Exhibition 

Jan. 12—37 ...... International Lighting Exhibition 

Jan. 20—26 . lot. Record & Music Publishing Market 

Jan. 20—29 . International Boat Sbow 

Jan. 21—29 . International Commercial Motor Show 

Jan. 27—Feb. 5... International Green Week 
Jan. 28—Mar. 6... British Technology Exhibition 

Feb. 4—7 . Knitting Industries Exhibition 

Feb. 4—7 . European Men's Wear Show 


Frankfurt 

Paris 

Paris 

Cannes 

Malmo 

Geneva 

Berlin 

Jeddah 

Paris 

Paris 


BUSINESS AND MANAGEMENT CONFERENCES 


Jan. 9—13 . Abraxas: Synectlcs—Innovative Skills 

Jan. 9—20 . Urwick: Senior Management in Construction 

Jan. 11 . London Chamber of Commerce and Industry: 

Finance and Payments in the Oil-rich Arab 
States of the Gulf 

Jan. 12 . European Study Conferences: Current Cost 

Accounting, The Hyde Guidelines 

Jan. 12—13 . Wharton Econometric Forecasting: Second World 

Outlook Conference 

Jan. 16—20 . Kepner-Tregoe: Decision Making for Senior 

Management 

Jan. 17 . Durham University Business School: Improving 

Management Communication with the 
Expectations Approach 

Jan. 18 . Henley Centre for Forecasting: Forecasts for 

Corporate Plans to 1983 

Jan. 18 . London Chamber of Commerce & Industry: 

Understanding Foreign Exchange 

Jan. 19 . Keith Shipton Developments: Profit from Health 

and Safety 

Jan. 19 . London Chamber of Commerce & Industry: The 

Anatomy oF Product Liability Insurance 

Jan. 23—27 . Brunei University: Production Management and 

Human Behaviour 

Jan. 25 . European Study Conferences: Free Collective 

Bargaining 

Jan. 26—27 . AMR International: Creative Problem Solving 

Jan. 30—Feb. 3... P-E Consulting Group: Production Management 

Jan. 31 . British Council of Productivity Associations: 

Unfair Dismissal 

Feb. 1 . Department of Industry: Bulk Materials Handling 

Feb. 6 . Business Perspectives: China and Britain—The 

Prospect for Trade 


68, Church way, N.W.l 
Slough 


68, Cannon Street. E.C.4 
Hilton Hotel, W.l 
New York 
Hartley Wintney 


Durham 

Carlton Tower Hotel. S.W.l 
54. Lombard Street, E.C.3 
Manchester 

54. Lombard Street, E.C.3 
Uxbridge 

Portman Hotel, W.l 
Churchill Hotel, W.l 
Egham, Surrey 

Metropole Hotel, W.2 
Runcorn, Cheshire 

Royal Lancaster Hotel, W.2 


SWAN HUNTER boilermakers 
have now jumped on the “ fair 
wages '* bandwagon. Their move 
follows the fair wages awards 
made just before Christmas by 
the Central Arbitration Commit¬ 
tee of an extra £5.40 to the Swan 
Hunter outfitters and £4 plus to 
ancillary workers. 

The boilermakers are worried 
that their pay differentials are 
being eroded by these awards 
and have applied to the Depart¬ 
ment of Employment for a “ fair 
wages" hearing. 

The £5.40 award to the out¬ 
fitters is aimed at getting them 
off the hook with their 19-week 
overtime ban over pay parity 
with the boilermakers and saving 
the last Four ships of the Polish 
order for the Tyne. ' 

To-day when the yards reopen 
after the holidays, union officials 
and shop stewards will be meet¬ 
ing the management in the hope 
of setting outstanding parity 
differences and getting the over¬ 
time ban lifted later this week. 

But the fair wages application 


by the boilermakers again throw? 
up the spectre of the old leap¬ 
frogging game whieh has be¬ 
devilled Swan Hunter pay for 
years. With therr fair wages in¬ 
crease back-dated to November L 
plus their Phase Three award due 
later this month, the earnings 
of the Swan Hunter outfitters 
will jump £4 or £5 ahead of the 
boilermakers, which has vexed 
many of the latter. 

• The Board of British Ship¬ 
builders was "committed ro the 
hilt publicly and morally” tn 
recognise the Engineers' and 
Managers' Association in respect 
of its members in rhe Ship¬ 
building .and Allied Industries 
Management Association. Mr 
John Lyons, the general secre¬ 
tary, said at the week-end. An¬ 
nouncement that a decision 
would be delayed has led to 
Shipbuilding and Allied In¬ 
dustries Management members 
at Smith's Dock. Teesside, apply¬ 
ing an overtime ban and with¬ 
drawing co-operation over two 
bulk carriers which are being 
built as part of the Polish order. 


Engineering federation 
to study productivity 

BY ALAN PIKE, LABOUR CORRESPONDENT 


World Value of the Pound 


The table below gives the latest available 
rates of exchange for the pound against various 
currencies on December 30, 1977. In some 
cases rates are nominal. Market iates are the 
average of buying and selling rates except where 
they are shown to be otherwise. In some cases 
market rates have been calculated from those of 
foreign currencies to which they are tied. 

Exchange in the U.K. and most of the 
countries listed Is officially controlled and the 
rates shown should not be taken as being 
applicable to any particular transaction without 
reference to an authorised dealer. 

Abbreviations: (S) member of the sterling 
area other than Scheduled Territories; (k) 


Scheduled Territory; <o) official rate; (F) free 
rate; (T) tourist rate; (n.c.) non-commercial 
rate; (n.a.) not available; (A) approximate rate, 
no direct quotation available; (sgl selling rate; 
(bg) buying rate; (nom.) nominal; (ex/C) 
exchange certificates rate; fP) based on UA 
dollar parities and going sterling dollar rate; 
fBk) bankers' rate; (Bas) basic rate; (cm) 
commercial rate; (cn) convertible rate; (fn) 
financial rate. 

Sharp fluctuations have been seen lately 
in the foreign exchange market Rales lu the: 
table below are not in all eases dosing rates, 
on the dates shown. 


THE ENGINEERING Employers 
Federation is to undertake a 
detailed study of productivity 
this year which it hopes will 
“contribute towards Identifying 
the underlying causes of this 
national weakness.” 

This is announced in a New 
Year message from Mr. Astley 
Whittall, president of the 
federation, to chief executives 
of 6,000 federated companies. 

The federation, Mr. Whittall 
says, warned the Government 
against including a productivity 
bargaining “ loophole ” In its pay 
policy. "Our dislike of such 
deals is based on their proven 
inability to bring about the real 
growth which British Industry 
so urgently needs." 

Procedures for determining 
pay in Britain were obviously 
unsatisfactory and served the 
country badly. 

“It is high time to consider 
improvements to this—the most 


important unresolved problem 
facing British industry in 
general, and indeed the whole 
nation." 

In the shorter term. Mr. 
Whittall urges members to main¬ 
tain their resolve to keep infla¬ 
tion at bay. “ Immoderate claims, 
sometimes supported by uncon¬ 
stitutional and hasty industrial 
action, have imposed strains, but 
the 12-month rule is being sup¬ 
ported and inflationary demands 
are being resisted." 

• The new engineering Industry 
national pay claim now being 
pursued with the federation is 
not extravagant. Mr. John Boyd, 
genera] secretary of the Amal¬ 
gamated Unioo of Engineering 
Workers, says in this month's 
Issue of his union journal. 

It would represent a 7.8 per 
cent, increase in wage costs 
based on the night work, shift 
work and overtime known to 
exist 


AUEW ballot likely 


Flue and Local Bait '£ 


Faina or 
Starling 


Value oi 

Place and Local Fait £ Sterlimi 


Af ghanistan Afghani 
Albania...... Luk 

Algeria...... Dinar 

Andorra- 


n.a 

[lOIO.WA) 

• 1 BJ. 


Dinar : 7.S53WS 

(French Fianc 8,985 

I Spnniib peseta; 155.10 
Kwanza n J. 

K. Caribbean 8 6.IB08B 


A n/fnlaKwanza m- 

Antigua (B)... K. Caribbean 8 ; 6.1B08B 

Argentina... Ar. Pmo Free Ha le 1119.75 

AoMiaHa (Bl. AnitmlUn S 1.SB90B 

Austria......... Schilling 29.00 

Atom.. Pnrtuft. Becurto 7B.15 

BahamatfSi B*. Dollar | 1.9170 

Mankind**h(S Taka 27.I2B -ft) 

Bahrein (S) Dinar l 0.7SB 

Balearic Ii_Spa. I>»el* I IBS. 10 

Bartawtoa (3) Bartoadoa Sit B.I54 

Belgium....... B- F««w . {{fofflLU 

Belize...B 8 | B.B5I 

Benin.C.FJL. Franc i 

Bermuda (SU 8 1.9170 

Bhutan......_ Indian Rupee > 15.07IBiig) 

Bolivia......... Bolivian PMo i 8 .it 

flotawaoa (St. Pula j 7.M7M 

Brazi' .I'ruzelrrlJ I WAS 

Mr Virgin IslSl U.S.S 1.8170 

Bmnri(S).Brunei | <.<425 

Bulgaria.Le* | 1.7127 

Burma_Kj-at . 18.1288 

Burundi........ Burundi Franc i IH.81I 

CuOBTO'nSpD.F.A. Frank | M 8 I 4 

Ctnah_Canadian S 1.09BO 

liuianr dproiah Peseta 155.10 

I'-app vprrtp I, Cape V Kacudn..: ni. 

Cevmanls.rS) Cay. I. 8 | 1.5975 

Lent. Af. Bp.. C.F.A. Frane ; ««9U 

VhfcJ_C.F.A. Prano ■ MSI 4 

Chile_U. Pe*o j (Bki 52.24 

CAlla,H>M... EeomlnW Tuan | £.3811 

Cot-nubia.C. Peto (7)71.87 

Cimwirtw I’d*. C.F.A. Frane «1M 

Congo(B - He).. C.F.A. Prana [ 4481* 

C«U Rica...- Colon ! 10.488 

Cuba............. Cuban Peao j 1.4491 

Cyprus fS).Cyprus ft 0.7511 

1 1 (com)3.BB 

Czechoslovak. Koruna iimi 13.10 

1 *iT) 17.08 

Denmark.Danlah Krone j !1.05>i 

Djibouti.Ft.» ISBi-ki 

Dominica (Si.. B. Caribbean 9 . 8.18069 

Do min. Rep... Dominican Pronl 1.9170 


Ghana (Bl.Cedi 

Gibraltar (K>. Gibraltar £ 
Gilbert la.... AuM- Dollar 

(•reo-e..Drachma 

Greenland.... Daniil) Kroner 
Grenada (81... B. Caribbean f 
Uuartaloape... Local Franc 

Guam..(/A. > 

Guatemala.-. Quetzal 
Guinea Rap... Sily 
Guinea Blseau 

Guvana (S) ...Guyanem I | 

Haiti.Gourde 

Root unu Rep Lempira. 

Hung KoajnS) HLK. 8 
Hungary....—Forint 1 

Iceland 0)... I. Krona 

India ( 81_Ind. Rupee 

Indonesia._Enpieh 

IranRial 

Iraq......Iraq Dinar 

(rieta Rap ft).. Inin £ 

Israel_Israel £ 

Italy_Lira 

Ivory Coast... C.F.A.Frane 
Jamaica (S).. JamalpaPollarH 
Japan........... Tan 

Jordan (9)--.Jmrian Dinar | 
Kampuchea- Kiel I 

Kenya (S).Kenya SWIHog | 

Korea (nth)-. Won 

Korea (6th)... Won J 

Kuwait (S)— Kuwait Dinar I 

Lace-KIpPoiFei 1 

Lebanon_Lebanese £ 

Lesotho_— 6. African Band 1 

Liberia —.... Liberian I 

Libya .......... Libyan Dinar 1 

Uecht'nsta... Swiss Frane 1 
Luxembourg. Ux Frane j 


Ik® 

I. 88805 
85.713 

II. 855 
5.18089 
8.985 
1.9170 
1.1170 
40.8218 
79.88 
4.88885 

, 1.588 

< I.W 
I 1.818 
I jtoorai 72.68 
Hind rri H.I5 
r 806.0(bg) 

1 15.571b iifti 
788AM 
(Ai1S4 
8.508187 

j 1.08 

. 28.41 

1 lCMMt 
I 448 U 

4I Z.3969B 
4681s 

| 0.879<sg) 

I 2808.4 
15.20 


I 188.4 
B.82768 
1.888884 
1.0170 
IP) 8.58751 
1.81 
82.85 


Place mad Local Unit 1£ Sterling 


Paraguay—Guarani I 211.16 

fnl'e DJtp— I 

of XemM ( 81 S. Yemen DimiHIA'B-884655 
Pern.--Sol le*«Ai240.1l 


I Value o’ BY OUR LABOUR CORRESPONDENT 
1& Sterling 


Philippines— 
PI Icsirn la. ( 8 ; 


Sol ,esc<Ai240.li 

Pfa.Peso j 14.12828 

(£ merlin* — 

i New Zealand 81 1.86826 

Etew 'l <Cmi54.S2 

I .T> 58 
Pftee Mscurto 78,15- 

Timor Escudo.™j 78,15 

Pgse Sscndo I 76,16 

L'-s*. S , 1.8176 

Qatar Ryal 7.52 


French Franc IAB5 

Rhodeslsn S j 1.5557 
/! 'em 9.14 
Ln l kn/cfT 22.07 

Ewand* Franc. 189.48 


B. Caribbean f 
St Helena £ 

K. Caribbean 6 
O.FJL Plane 

B. Caribbean 6 
Colon 

UJS. 8 
Italian lire 
Pgse. Eacodo 
Byal 

C. r.a. Prams 
6 . Rape# 

Leone 

dlagapora S 

Australian 8 

Som Shilling 


1 1 (rom)S.B8 
■: in. 1 ) 19.50 
flT) 17.08 


Ecuador_.Snen I / (0)47.44 

[ 1ir)49hB 

Bgyia..—...- Egrpitan C ’ i [Orfl.B82 

: Jm 1.21 

BUilople_Ethiopian Birr ;<P/2.87271 

BqVl Guinea Peseta 155.10 


Falkland la 

Faro la...—.... 
Fiji la. (8)— 

Finland- 

France_ 

Fr.CtyinAf- 
Fr. QuUtna ... 
Fr. Pae. la... 

Gabos- 

Gambia (S.)_ 

Germany 

(Basil 


\ Falkland la ^ 
Danish Krone I 
FUiS I 

Markka 

French Franc 1 
C.F.A. Franc 
Local Franc 
C.F.P. Franc ! 

C.F.A. Franc 

Dalasi 


Madeira. -_ 

Malagasy Bp. 
Malawi (ij).... 
Malaysia (8).. 
MsJdlTela(S) 
Mali Up........ 

Malt* |3)_ 

Martinique — 
Mauriiania—. * 
Mauritius IS) 

Mexico —__ 

Miquelon ..._. 

Mntmoo-- 

Uungolla-.—' 
SionlserraC.— 

Morocco_— 

UozamUque. 

Nauru Za— 
Nepal —.... 
Neihariaads- 
Nelh.Ant'lee., 
New Hebrides 
N .Zealand (B) i 
Nicaragua..— < 

Nicer Kp.- 

Nigeria iSl. 

Norway....—. 

Oman Sollan- ' 
ata nt (S).— , 


'’eeBscrainl 


Knobs 1.0401 

KlnggK 4-825 

llalBapae 7.5881 

Mall Fraac 898.6 

Maltese £ 0.7541 

Local Fraac 8.886 

Ouguiya J 80.4824 

M. Rupee 12.18844 

Mexican Peso 43.20 

C.F.A. Frane » 442M 

French Franc 1.885 

Tugrik ||(O)0.22M R) 

B. Caribbean 8 B.18M9 

Dirhem AIBfMQ 

Mac. Beeada I0.1B2 


Asst. Dollar | 
Nopaleee Rupee . 
Gulkiw 
Antillian GnUd 
I Franc 

1 Austl. Dollar 
NJZ. Dollar 
Cordoba 
C.F.A. Prase 
Naira 

Nrwg. Krone 


MJB2B 
4.MX* 
643.143 
145.212 
1.68908 
T.86825 
13.40 
448>4 

-llUUtsgl 


J-Ustmark 


Pakistan_Pfctt. Rupee j 11.88 (set 

ParusmaT-— Balboa 1.8176 


■— | PapuaN.G.lB) Kln« 


Portugal- 

Port Timor— 
Principe Isle. 
Puerto Woo... 
Qatar Si—:-. 
Reunion, 
lie de la..—. 
Rbodesla.— 

Romania — 
Rwanda. —— 
St. Chrigto- 
pker (SL- 
St. Helena — 
Hi. Lucia (81 

3t Pierre_ 

St. Vincent (8) 
Salyador Bl... 
Samoa (Am).. 
San Marino— 

Sao Tome.. 

Saudi Arabia 

Senegal- 

Seychelles.— 
SUrrLe'ne(8) 
Singapore (8) 
Soiomon ls(B) 
Somali Rap — 
StluArricalS). 
S.W. A Mas - 
Ibrritoriee (8) 


Spain — —— Peaces 
Spaa. Porte la 
North Airies Peseta 
Sri Lanka (8.) 8. L. Bn pee 
Sudan Bp— Sudan £ 

Surinam_S. Gilder 

Strut band (8.) Lljangeni 
Sweden——S. Krona 
Switzerland - Bwiu Frane 

Syria_Syria £ 

Taiwan ....... new Taiwan 6 

TamaarilS)— Tan. Shilling 

Thailand_Uaht 

Togo Up._C.F.A. Frane 

Tonga Is. (S)„ Pa'anga 
Trinidad (S)... Trio. A Tobago 

Timicia_Tunisian Dinar 

Turkey_.... Turkish Lira 

Tories* Cs —C.S. S 
Tuvalu.—... Australian 6 
Uganda (8)— Cg. Shilling 
U«. StMee- D7S, Dollar 

Uruguay— Uruguay Ptea. 
Ctd.A’bBmls. V.A.3. Dbhus 

U.S.S.R..Rouble 

Upper Volta.. CFA Frane 

Vatican_Italian Lire 

Venezuela.— Bolivar 

VlaCnanuNth) Dong | 

Vietnam (fith) Piastre 
Virgin Is.C.S. Dji. Dollar 

Weetern 

Samoa (8) Sensean'Ma 

Yemen....... Ryal 

TustMlavla.... New T Dinas 

Zaire Bp..—Zeiro 
Zambia.__ Kwacha 


1.18068 

1.8 

8.10089 
M8W 
6.11069 
4.1787 
1.9170 
1.669lj| 
79.16 
6.65 
4491c 
* I3A3 
2.6 
4.4425 
' 1.66806 
(A) 12.06751 
1.66B554 


A BALLOT of Amalgamated 
Union of Engineering Workers 
members to break the stalemate 
which for several years bas pre¬ 
vented a full merger between the 
union's four semi-independent 
sections is likely around the 
middle of this year. . 

At present, the AUEWs four 
sections for engineering, foun¬ 
dry, construction and white- 
collar workers have a loose, 
federal structure. The need to 
produce a genuine amalgamation 
has been increased by merger 
talks now lu progress between 
tbe AUEW engineering section 
and the 420,000-stroug Electrical 
and Plumbing Trad es Un ion. 
Tbe AUEW and EPTU have 


widely different structures and, 
if these talks come to fruition, 
important decisions will have to 
be made on how the new union 
should be run. One issue to be 
decided would be whether the 
new unions should be organised 
On a district basis, as tbe AUEW. 
or around industrial groups. 

EPTU leaders are understood 
to have stressed in preliminary 
discussions that they would not 
accept a small policy-making 
body on the lines of the 52-man 
engineering section national 
committee. One possibility is 
an 800-strong conference meet¬ 
ing every three years with in¬ 
dustrial committees meeting be¬ 
tween conferences. 


WEEK'S FINANCIAL DIARY 

The following is a record of tbe principal business and financial 
engagements during the week. The Board meetings are mainly 
For the .purpose of considering dividends and official indications are 
not always available whether dividends concerned are interims oi 
finals. The sub-divisions shown below are based mainly on Iasi 
year's timetable. 


j 165.11 
, 29-8X8251 
I (Ai 9.86749 
l 444.744 
\ 1.658554 

I 8.850 
8.61 

fA 17.524 
(P172J48 
16.188 
38.922* * 
448 U 
1.3856 
4.8698 
8.7711 iq) 
84.76 
1.8171 
T.SBSflB 
\ 14.79 
: 1.8)78 

I ((cm, 10-31 
-J ItfnUB.lO 

7.4* 

1.21 
j «*ti 
[ 1‘MI* 

! i.iw 
1 (0)4.73998 
\ 1T)4.I5061 

B.S484W) 

| 1.8178 


YUTERDAY 

DIVIDEND * INTEREST PAYMENTS— 
Aberdeen University Press Ln.. 3‘wc 
Chilean 4I]DC MOW 3pc) Cold 1889 <Arad. 

1948). ZLpc _ u 

Ecuador let Ser. 4pc Gtd. Gold Conors. 
Bdi. fAssd.). 2 *e _ _ 

Sutton out. Water 84*c Red. Prf. 1382. 
4.623PC 

- T TT PAY 

BOARD ME E TINGS— 

Flnalw 

WMierbDtMn Tnwt 

Interims 

St. George'i Laundry (Wcrceater) 
DIVIDEND 4. INTEREST PAYMENTS— 
Barlnp Brou- 1100 4ijnc Prt.. 157 Jo. 

Do. 71-PC Prf. 2-625P _ 

Belton textile Mill*. o.G 2 Sn 
Chilean Spc Anns. A <Axu. 19487- 2>tPe. 
Do. Spc Anna. H (And. 1948), 2 ‘ipc. 
Do. Spc Anna. C (Arad. 1948). 1 'ipc 
C rown Zallarbach. 47>acta. 

L. K. Industrie* 6 PC Pri.. 2.Ip 
Proflresahre Secs. Inv. Trust. Q-Se - 
Samuelson Film Service*. 4.4p 
Tarmac JWc (free of Income Tax) Prf.. 
2.750 

Willlama (BanJ 60 c Prf.. 2 . 1 * 

TO-MORROW 
BOARD MEETINGS— 

Finite: 

Ward IT. WJ _ 
we wjaqd A lrcnrit 
Interkm 

Smith Wallis __ 

■DIVIDEND A INTEREST PAYMENTS— 
Marshalls Universal Sljoc Prf.. 1 025o 
Sutton DM. Water Bpc Red. Prf. 1961. 
4nc. Do. 10 pC Rod. Prf. I960. 5or 


THURSDAY. JANUARY B 
COMPANY MEETINGS— 

Comvt Radioviaien. Hull. 12. 

Jessup* Holdings. Winchester House. E-C- 

T b5ard MEETINGS— 

Finals: 

AHiea Breweries 
Bmisford rs. and Wj 
Birmingham Palin 
Reliant Motor 
_ interims: 

Esoerana Trade and Transport 
Hollis Bros and ESA 
Ratners (jeweliarx> 

Tomkins ■>. H., 

DIVIDEND & INTEREST PAYMENTS— 
Bankers Invest. Tat. DU. 2oc 
Clauflh (At1red> 9ocPf. 3.015pc. 

Stewarts and Lloyds Of 5.A. Pf. 3 pc 
FRIDAY. JANUARY 6 
COMPANY MEETINGS— 

Lancaster CD. M.l Great Nortnern Hotel. 
N.. 10- 

OOARD MEETINGS— 

Finals; 

Robert H. Lowe 
_ l nt m I mis ; 

Geevar Tin Mines 
KnoU Mill 
Stead ana Simpson 

DIVIDEND & INTERE5T PAYMENTS— 
Bishop's Stores Ord. and A 1 . 2 So (Inc 
3rd interim dlv. of O.Olgrze eta v 
ended 2612/77 1 

Electronic Rentals 2 0223 d tine, supo, nisi 
of (LOZZSn ala vr. ended 3W3i77< 
Hampshire 9>pcBds Red. 12'?r78 4'^uoc 
Lothian 11 VoeBde. Red 4/7,79 su MK 
Pratt fP.J Enene Ln. 4oc 
Tarmac Db. S4iOC 
Whewxv Watson 0.35ai 


* Thai part o I (he French communin' In Africa formerly 
pan 0 1 French weal Africa or French EanatoriaJ Africa. 

t Rupees per pound. 

2 The OttCUlya has replaced the CFA franc. The exchsnn 
was made at a me of CFA Fra.S to one nail of the 
hew currency. 

I Afars and l«aa now DJIboutL 

9 Genera) rales of oil and Iron exports 8.0514. 

6 Tbe Mongolian tmtrik has lately been reported to stand 
at an official commercial rate of 0.525 Russian roubles. 


tbe North Vietnamese dona at 0 JOB roubles and the 
North Korean won at 8.7493 roubles. With the pound 
uiandloa at T 28 roubles the foUowliu: relationships could 
be calculated for tbe pound: 1=5 69 ruaalka. 1=4.18 dongs. 
1=1.79 won. 

** Rate la the Transfer market 1 controlledl. 

TTRate Js now based on 2 Barbados S to the dollar. 

11 Now one official rate. - 

II Two-tier system Introduced April IB. Rile Is for exports, 
non-essential Imports -and tourism. Rate for essential 
Imports 1.7253. 1 




Thomas Cook Travellers Cheques 
The accepted name for money. Worldwide. 


MERCATO ITALIANO DELLA PELLETTER1A 

(ITALIAN LEATHERGOODS EXHIBITION) 

13/17 January 1978 

On January I7tha event will close at 2 p.m. 

at the Pavilion 30 (Piazza 6 Febbraio) 
in the Milan Fair grounds 

Sole and complete panorama of Uia Italian leathargooda production, 
where all tho Italian manufacturer* meet twice a year with buyers 
from all over the world. 

At the MIPEL are displayed: leather Hems far gifts, office articles, 
suitcases, travelling bags, handbags, belts, umbrellas, small leather 
Kerns, wallets, coordinates, skins and substitutes, fabrics, buckles 
ancf fasteners, leathergoods accessories, leathergoeds machinery, 
sundry articles. -The only specialized market-show reserved exclu¬ 
sively for buyers. There will be displayed the novelty samples for 
Spring/Summer 1978. 

For th* tint rinw ■ new we t ur of leather ferment* win ba pmontad, 

MlPEL S.D 20122 Mtlano (Holy)-Vlate. Baatrlca tTEsta.da 
T«M02) S«iai - SS4S23 


APPOINTMENTS 



A NEW YEAR’S 
RESOLUTION 

If you are an able, experienced executive or pro¬ 
fessional person, yet somehow you are not 
making the most of your potential, perhaps you 
need a new approach to your career. 

XVe specialise tn assessing and developing senior 
people towards personal career satisfaction, to 
take charge of their own futures and to make the 
most of their talents and experience to achieve 
optimum per.-^onal and tinanc.o] rewards. 

It ynu're not entirely happy with the way your 
career is Toinir, why nut dome and meet one of our 
professional Career Advisers, without cost or 
oWixation. For your personal, confidential 
appointment phone or write to us now. 


FREDERICK.' 


;)« COMPANY LTD. 


rnjwilfanrflu Evnitlve F.riiliteMowsnd Ctuecr AdvuwiDrot. 
London; 33 Fitzrny Street, W.l. Phone 01-637 £98 
jfrrri.-RfttMife R-rtl rSWt Phone£2MtJU 
R e are nut an Employment Agency. 

Sunday Anxuvnng Service. / 


LEGAL APPOINTMENTS 


EDUCATIONAL 


COACHING FOR SUCCESS TN 

ACCOUNT ANY EXAMS 
Mecropollun C<X!rs* hw i:irf*t4 a 
iikcm rate rft prpf«|ioni 
Knunttner Mjminu>oni than *ny 
qcticr nxhing orfxnixcoa. Such'-* 
rKBri ipeaki for itwll *mI 
thzc w comaiaition of izfnt ranil 
foidjosi with IndNidnu itwiutm pin 
teftieaHr-planned and coMUftoY-abdated 
bom* icudy counat Mtu4>fy do« work. 
So much M that ODACMING tS 
GUARANTEED UNTIL SUCCESSFUL.. 
Conan for ACC*. J CA. I CM A. fCSA, 
nc.; tvr a fm prM Httm, write to: 

METROPOLITAN CDLLKfa (FT/1), 
AUonMtw Court, AWerittertoft, 
Rnffinc MY 4PP. 


COMMERCIALLmGATION 

We need Lawyers who are able to give advice and 
to conduct substantial cases covering a very wide 
range of commercial disputes- Solicitors in our 
Litigation Department deal mainly with actual and 
potential High Court and arbitration matters and 
also with various Tribunals. 

Although applicants should ideally have experience 
of commercial or shipping litigation, consideration 
will be given to others who can demonstrate that 
they have the requisite aptitude. Barristers who 
wish to change their professions will be 
considered. 

Please write with your curriculum vitae to: 

ALLEN & OVERY (Ref; JPC) 

9 Cheapside 
London EC2V 6AD 



COMPANY NOTICES 


8 BLOCK (400 rnrti) IN LINE, NONSUP 
WIRE DRAWING MACHINE-in 
excellent condition. 0/2000h/min 
variable speed 10 hp per block (I9£B) 

24" DIAMETER HORIZONTAL BULL 
BLOCK by Farmer Norton (1972). 
ROTARY SWAGGING MACHINE 
by Farmer Norton 11972). 

SUITING UNE 500 mm x 3 mm 
x 3 ton capacity. 

TWO VARIABLE SPEED FOUR HIGH 
ROLUNG MILLS Ex.6S0 N wide razor 
blade scrip production. 

MODERN USED ROLUNG MILLS, wire 
rod and tube drawing plant—roll 
forming machines—slitting—flattening . 
and cut-to-length lines—cold saws— 
presses—guillotines, etc, 

1974 FULLY AUTOMATED COLD SAW 
by Noble & Lund with batch control. 
1970 CUT-TO-LENGTH LINE max. 
capacity 1000 mm 2 mm x 7 tonne 
coil fully overhauled and in 
excellent condition. 

1965 TREBLE DkAFT GRAVITY WIRE 
DRAWING machine by Farmer Norton 
27"—29“—31" diameter drawblocks 
STRIP FLATTEN AND CUT-TO-LENGTH 
UNE by A.R.M. Max. capacity 750 mm. 
x 3 mm. 

1970 TWO STAND WIRE FLATTENING 
AND STRIP ROLUNG UNE, 8" x J- - 
rolls x 60 hp per roll stand, variable 
line speed 0/75Qft/min. 

2 15 DIE MS4 WIRE DRAWING 
MACHINES 5.000Ft./Min. with 
spoolers by Marshall Richards. 

50 H.P. VERTICAL WIREDRAWING V 
BLOCK x 650 mm dia. 

9 ROLL FLATTENING MACHINE 

1700 mm wide. ;• 

7 ROLL FLATTENING MACHINE 
965 mm wide. 

COLES MOBIU YARD-CRANE 
6-ton capacity lattice jib. 

16 MM TO 28 MM ROD STRAIGHTEN 
and cut to length line with flying shear, 
and capstan for handling 2 ton steel coif. 
RWF TWO STAND WIRE FLATTENING 
AND STRIP ROLUNG UNE, 10" x 8' 
rolls x 75 HP per roll stand. Complete 
with edging rolls, turks head, flaking - 
and fixed recoiler. air gauging, etc. 
Variable line speed 0/750ft./mln. ind 
0/J 500ft./min. 

NARROW STRIP STRAIGHTENING '•». 
AND CUT-TO-LENGTH MACHINE 
( 1973) by Thompson and Munroe. 

ACME GRIDLEY (B5A) 6 SPINDLE 
AUTOMATIC l". Rebuilt and not used 
since. 

WICK MAN 3*" SINGLE SPINDLE 
AUTOMATIC. Extensive equipment. 
Excellent condition. 

VICKERS 200 TON POWER PRESS. 

Bed 40" x 36”. Stroke 8”. Almost new 
condition. 

SCHULER 200 TON HIGH 5PEED 
BLANKING PRESS. Bed 48" x 40" 

200 spm. Double roll feed. Excellent 
condition.. 

TATLOR & CHALLEN No. 6 DOUBLE 
ACTION DEEP DRAWING PRESS. 
Condition as new. 

PRESS BRAKE 8fc, x j" by Sedgwick. 

Air brake, air dutch, light gauge. 
Excellent condition. 

4,000 TON HYDRAULIC PRESS. 

Upstroke Between columns 92" x 52" 
daylight 51". stroke 30". 

A I? 00 TON injection 

MOULDER. Reconditioned. 
MACHINING CENTRE. Capacity 5ft x 
wt. x jft. 5 Axis, continuous path. 
chan *“- 5 

table load. Main motor 27 hp. Had 
less than one year’s use and in almost 
new condition. For sale at less than 
half new p rice.' 

__WANTED 

modern used Rolling mills, wi^ 

rod and tube drawing plant—roll 
forming m*chine*-,ii ltins ,_ flillteri| 

. and cut-to-length lines—cold saws_" 

presses—guillotines, etc. 


0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 


0902 47541/2/3 
P.OA. Telex 336414 


0902 42541/2/3 
F.OA Telex 336414 
0902 42541/2/3 
P.OA Telex 336414 


I 0902 42541/2/3 
P.O.A.I Telex 336414 

0902 42541/2/3 
P-0 A. Telex 336414 

0902 42541/2/3 
P-OA Telex 336414 


0902 42541/2/3 
P.O.A. Telex 336414 

0902 42541/2/3 
P.OA. Telex 3364H 
0902 42541/2/3 
P-OA Telex 336414 

0902 42541/2/3 
P-O-A. Telex 3364M 
0902 4*541/2/3 
Telex 336414 
0902 42541/2/3 
rTelex 336414 

0902 42541/2/3 
P.O.A. Telex 336414 


ba* 0902 -T54I/2/3 
P.O.A. Telex 336414 

„ „ m 090242541/2/3 
P.O.A. Telex 336414, 

»ro* 01-928 3131 
P.O.A. Teie* 26I77J 

01-928 3131 
P.O.A. Telex 261771 

01-928 3131 
P.O.A. Telex 261771 


01-928 3131 
P.O.A. Telex 261771 

_ 01-928 3.131 

P.O.A. Telex 261771 

01-928 3131 
Telex 261771 

01-928 3131 
P.OJL Telex 261771 
01-928 3131 
P.O.A. Telex 261771 


01-928 3131 
P.OA. Telex 261771 


0902 42541/2/1 
Telex 3364M 


CAIUPOU RUT AURA NT, off Ola BroM 
Straw. I.C.2. Ohm every d*v tar 1 kitten, 
dinner mxt caaeina nnMT S in Cwiarw 
twtee nlBBtlv it 10.30 ».m. am) 1 -lS a.ra. 
Mon.-Sat. £8. TcteefHM 3BB 1B22 



DIAMONDS FOR INVESTMENT 

Ditmand ScfejcOon uirntad o#i r taca*- 
cut and BOliinea dtamona* far Inrakt- 
rmral. The ouoanns II 4 CTOS HCtIM 
of oricet from their ranee as at 
lit Januarv. 1078 


REPUBLIC OF SOUTH AFRICA 
8% 1972/75/87 Loan of USS25.000.000 
USS1,000.000 of the issue due for redemption on 1st 
February. 1978 has been .repurchased in tbe Market. 

The amount outstanding after 1st February, 1978 will 
be USS21.000.000. 

Paying Agent 

BANQUE DE PARIS ET DES PAYS-BAS 
POUR LE GRAND-DUCHE DE LUXEMBOURG 



DSL Gne* 
1ZD.'4M56 
120.-ton 48 

180110(138 

20OI2SII38 

2731331110 

3001101106 

vsrm* 

750(399(78 

1000I3«)9'66 
1S 00(999'56 
25001999.45 


Price in C 
Mr Carat 

? .2*a 
.oai 

6 Gfa6 

5 8?S 
5 193 
4 423 
lots 
2.SS1 
1.815 
1.4B6 
1.015 
B2S- 


Mote Dumondi In tna rtnn m 
mcinmana lor In.Wmtrl haw aaork- 
cJatrd dy apareximatelv 100 ocr coat 
uocc m jnlv 1969 

DSL arade Is m..d« ap » loUom:— 
Cdour(Cl«nt«(CarM 
p.B 120 4 155 

Make .i alwavs -e • oood. 

Al> stones ire OradaO In DSL 
Ubcrarorias urina the mou modern 
Cdulocncnt, 

Brochure with orocMure tor buviiHi 
■ nd selling gradrd and cerflMit 
diamonds is avaiiame tratn: 

DIAMOND SELECTION LIMITED 
Pauraham House. 37a Hatton Cardan. 
London EC1N 8SO. rai 01-405 BUS 


COMPANY 

NOTICES 


JACQUES B0REL 
INTERNATIONAL 

F. 70 jJOOJMW 

30 £% CONVERTIBLE BONDS 
1983/90 

Issue of 500.000 Bonds, 
convertible into shares, 
ninth a par value of F. T40 each 

Each bond may be converted 
into one share of F. 100 par 
value at any time on or alter 
1st July 1978. Application will 
be made ro the Council of -the 
Stack Exchange, in London ter 
any shares arising on conversion 
to be admitted to the Official 
List. 

Copies of a translation of the 
prospectus, which is now avail¬ 
able in France, together with 
lorms of subscription are avail¬ 
able up to /th Febri.ry 1977 
tche last day for subscription) 
from:— 

Hltl- Samuel & Co. Ltd, 

I0Q, Wood Street. 

London EC2P ,2AJ. 

Rowe & Pitman, Hurst-Brown, 
1st Floor, 

City-Gate House, 

39-45 Finsbury Square, 

London EC2A IJA. 

3rd January 1978. v ' l ; : 


CINEMAS 



CLASSIC 1. 2. 5. Oxlore Stradt lOU* 
Court Rd. IBM). 

1 SHN8AD AND THE CY* - ■. TJit 

IIGtll .U). Pros*. 1.10,..**),. . SIM; 
f . IO. UM Show New. ooutmtr «AAI. 

2: JHC HIDIhfi.nAU lAJ. jtp, peris. 
2.00 *oa. a.oo. ute mow ii pro. 
civa Pro w sfrq ntousca win* oiPls 

,U1 CRUSIN*-llA. . ... v. 

Si niAffl.15 PLAY (XI, prow. 

2.00. 4.1 B. 6J0.-8.45. Late Shew mnr 
night 11.05 am. 

WIZARDS (Ai. .Proas. 1,0. *0. *0. 
7.O. 9.0. Lan show arerv night ij b.m. 
Pius ChUqrans film fotmostlixT. Special 
Morn-no Show THE CLI rT EX BALL lU). 
10.30 ».m.. 12.03 AA. • 



”5IlfS. 4J7 »iai 

I SALON KITTY IX) See. P«rte Dlv 
J"*- Sbb.». a 45. 8.13 . 9.00. Ut.JShCi 
Ut : o Bw *•** 11 - sa - *•**■ BMlHS 


ART GALLERIES 



COLNAGKJ'S. 14. Old lead SL. W.l, 499 

MS 8 -ISIS Vienna sace5SiQN jowgt 

SHU prints and Drawtaps. 130 7-1 8tf 
I Majority t* 0 CXimxS CHRISTMAS 
KXHIBITION SrYnouro . waiweetagta. 
Until 20 JM. Mw.-Frf. 9.-30-8.0Q. Safc 
IQ-1. ' • 

[ SlOANt STREET ‘CALLEKIIK. 15». «*»» 
Sl„ w.l , Moo cm 

4ltd. gnpMu At interemng .IBtereattaM* 

arum wide nmw of-eneei.- Tirah-*”- 

| ■o OQ.s w. Sai «. jpao-< PO- 1 ~ ••••- 

TMFLL GALlCRiftS- 40 

( dma>NII,. W 1 iNMUAL JMAhreg 

APff") UMUW at ORtATLVJUB! 
•"irts oetieHTPULop'vr 





























































































































i drpiu> c >»ufis> 


-Tfanes Tuesday JaTraaiy ^ l9?8; 


1 li. ' 4 N, 



l!°Ni 



EDITED BY CHRISTOPHER LORENZ 




Terry Dodsworth describes how Porsche survived an oil crisis and other major threats to remain a member of the car makers’ elite. 

ramblins in pursuit of nower 


' K ' ’k * 


. • . 

•• • S ’-' 


•• • 


■NAl 


,i " P 

'n.; 


IES COREL 

NATIONAL 




IMAGINE A company whose 
buHlness is hypersensitive to the 
price of oil. Then imagine that 
this same company is faced with 
the breakdown of a major indus¬ 
trial partnership, the launch of 
. two .:higbly expensive new 
products,- and the effects of the 
- Yom Kippur war aH at the same 
time. There, in a nutshell, is 
tbp position of Porsche, the West 
German sports car manufac¬ 
turer. in!974. 

Many people believed jn those 
days that the era of the sports 
car manufacturer was over. By 
J975, specialist car producers 
were falling like ninepins in the 
face of rising petrol prices. 
Enormous stocks built up, and 
Porsche itself had to slash back 
production, reducing its man¬ 
power by 25 per cent “At that 
time, many of the -things being 
ptiblfahed in new spapers about 
the car industry Sounded very 
different. from what they do 
now,** says Professor Ernst 
Fuhnaans, managing director 
of -Porsche. “In 1974 the auto¬ 
mobile was the most criticised 
product In our society.” 

. Yet this was the period in 
Which Porsche took two key 
product decisions—to go ahead 
with the 924 and 928 models— 
while, at tiie same time com¬ 
mitting itself to a policy which 
would automatically triple the 
'size of the business. So far, the. 
gamble has come off. Porsche 
will shortly announce improved 
car sales, higher profits, and a 
much-increased turnover for its 
financial year which ended in 
mid-summer. And the 928 has 
just been voted international 
“car of the year/ 

Dr. Fuhrmann explains the 
company’s survival and growth 
partly in terms of faith in the 
sports car tradition. “I would 
say that the sports car is the 
incarnation of the automobile,” 
he says. This is a very dif¬ 
ferent attitude from the one 
adopted by Volkswagen, its 
original partner in the 924 pro¬ 
ject. VW pulled out of this 
. programme because it was faced 


with heavy costs on the rest of 
its model development and did 
not want to bring in a ‘.‘doubt¬ 
ful" oar at that time. “We took 
the risk,” says Fuhrmann. 

_ By taking on the 924 project 
single-handed, _ Porsche moved 
into an entirely different scale 
of business ' than it had pre¬ 
viously experienced. This was 
also, dearly, a risk. At the 
height of its success with the 
.familiar 911 model—the small, 
beetle-shaped vehicle introduced 
in 1994, Porsche had never made 
more than 14,700 cars a year. 
Yet investing in the 924 meant 
planning for a volume of 24,000 
units a year of this model alone, 
a mo ve which would obviously 
stretch management as well as 
fi nancial and marketing re¬ 
sources. And at the same time, 
Porsche sanctioned the develop¬ 
ment of the 91® model, an en¬ 
tirely new, VB-engined sports 
car, containing a wealth of inno¬ 
vative ideas which cost the com¬ 
pany virtually DM1 OOm. (just 
over £25m_) to develop. 

Viable market 

This process of headlong ex¬ 
pansion may sound reckless and 
intuitive. But there was a great 
deal of commercial logic behind 
it. Porsche took the view that 
the 1974 scare over oil prices 
was a temporary crisis, and that 
a viable world market for 
specialist cars selling in the 
limited quantities it .makes 
would continue. It also saw that 
VW’s withdrawal from the 924 
project, while leaving it tem¬ 
porarily more exposed, gave it 
the opportunity to establish a 
wider base to' its business. A 
bargain was therefore struck. 
Porsche agreed to buy VW’s 
share in the 924 for DMI20m., 
and to help keep open VW’s 
plant at Neckarsulm, then 
threatened with closure, by 
making the car there. In re¬ 
turn, VW agreed to finance the 
acquisition with a DM120m. 
loan, at a “fair” rate of interest 


On the marketing side, also, 
Porsche was able to strike a 
deal. In 1967, when the two 
German car companies had got 
together to make their first 
large volume sports car — the 
VW/Porsche — a joint market¬ 
ing company had been estab¬ 
lished. .This was built on 
Porsche ground, with marketing 
manpower and expertise in¬ 
jected by both companies — 
Porsche has always distributed 
through the Volkswagen net¬ 
work .except in its own com¬ 
panies In the U.K. and France. 
In 1974, Porsche simply took 
over this ready-made marketing 
organisation. 

The effect of these changes can 
be seen in the increase in the 
volume of Porsche's business in 
these years.- In the 1974-75 
year, the company hit its low 
production point of 8,600 cars. 
But by last year this had re¬ 
covered to 37,000. At the same 
time, turnover has risen from 
DM350m. to more than DMlbn. 
Yet borrowings bave remained 
fairly constant except for the 
VW loan of which DM70m. is 
still outstanding. 

In terms of profitability, 
Porsche does not cut such an 
attractive figure. In 1975-76 pro¬ 
fits amounted to a return Of only 
1 3, per-cent. on turnover, and 
last year it probably improved 
to only about 1.7 per cent But 
this is-in line with its targets. 
Porsche is still a tightly-held 
group, with ownership in the 
hands.of the Porsche and re¬ 
lated Piech families, and. as 
yet, it does not need to produce 
the kind of profits readily to 
attract equity funds. It culti¬ 
vates an image of solidity in¬ 
stead. Growth has been largely 
self-financed, and investment 
for the size of company, large. 
Over the past five years it has 
ploughed back DM310m; this 
year it is injecting another 
DM 80m., covered largely by a 
depreciation charge of DM70zn. 

Clearly these policies may, in 


time, change. Indeed, the way 
was prepared in a dramatic 
move a few years ago by Dr. 
Ferry Porsche, when he swept 
all the leading members of the 
Porsche and Piech families out 
of executive office. Dr. Porsche, 
the guiding light of the com¬ 
pany and son of . Professor 
Ferdinand Porsche^ the legen¬ 
dary Austrian-born designer of 
the VW Beetle, took the view 
that management was becoming 
ingrown. If one member of the 
family had to go, they all had 
to go, he said. The family, 
unquestionably talented, now sit 
only on the holding Board, 
while the company has altered 
its status so that it is allowed 
to attract public funds. 

So far. these new sources at 
funds have not been needed, and 
the old principles still persist: 
the ship is run tigbtly, profits are 
ploughed back, and the company 
sticks firmly to its Independence. 
But no one at Porsche pretends 
that this is easy. “Porsche has a 
chance of coming through. But 
it is absolutely not 'safe,” says 
Dr. Filium arm. “ At the moment 
we have a boom, and in a boom 
every stupid person who wants 
to build a car and sell it can 
do so. 

The threat to the small car 
companies is coining mainly 
from the cost of development to 
meet burgeoning Government 
legislation on safety,. environ¬ 
ment and fuel economy. “The 
limit on our range now is not 
so much our production methods 
and costs. It is now imposed 
by development costs to fulfil all 
the legislation on environment 
and safety. These costs are the 
reason why in the next ten 
years 80 per cent, of the names 
in specialist cars will disappear.” 


Maw Ism 


So how does a small company 
survive? In the case of Porsche, 
says Dr. Fuhnnann, it has first 
sought to offset the expenditure 
on research and development by 
seeking out contract work in a 
similar field to cover its own 
investment Instead of limiting 
its size, therefore, Porsche has 
expanded, building a DM70m. 
technical centre stuffed with 
sophisticated instrumentation 
and test equipment This has 
served virtually every motor' 
company in the - world at one 
time or another, and is currently 
doing work for the German 
Government 

The second principle of sur¬ 
vival says Fuhnnaam, is to 
design models which are cap¬ 
able of plenty of development 
“ There are two possibilities for 
handling model development 
One is to invest a big amount 
in a model and produce it for 
four or six years with a very 
limited further investment; this 
is the way most big companies 
do it The ofher way is to 
develop a car to a reasonable 
limit Then you build it for 15 
years, having a further stab at 
development every two years or 
so. This is the way we do it, 
and for a smaH company like us 
the actual investment is lower. 
There is no point m our chang¬ 
ing tool mg every five years — 
at the rate we build, tools last 
25 years.” 

The 911 model -is a classic 
example of this policy. The 
same bodyshell — and therefore 
the same basic tools — is still 
being used 13 years after the 
launch of the original vehicle. 
But it now performs very 
differently, and has bad variety 
added with the introduction of 
the turbo-charged vehicle into 



Jw'lr Sfe 


Professor Ernst Fuhrnwmn, managing director of Porsche, with the 924 model sports car (top) and 
the latest 928 V8-engined model, just voted “ car of the year" 


the range. The 911 will be kept 
going as long as possible: all 
Porsche will say on this is that 
it wiH be abandoned df sales 
drop below 4,500 units a year. 

But ultimately, says Fuhr- 
mann, the question of Porsche's 
survival comes down to being 
able to offer the motorist the 
kind of cars he wants. By 
maintaining its independence, 
and through that its commit¬ 
ment to its own engineering 
standards, Porsche reckons that 
it can continue to offer some¬ 
thing extra to the sports car 
cognoscenti. 

Whether this will prove cor¬ 


rect in the case of the 928 is the 
question everyone in the indus¬ 
try is now asking. Tbe vehicle 
Is very expensive—it will pro¬ 
bably cost about £20,000 when 
introduced to the U.K.—and in¬ 
corporates a new philosophy for 
Porsche: “ In the 1950s it was 
very easy to build a sports car. 
It only had to go 10 mph faster 
than a saloon car. Now speed 
alone is no longer so important 
We think to-day that the sports 
car should be above average 
performance in everything 
except space.” 

This means that the 928 is 
designed to be quieter and 


AS or than bonds having been sold, thh announcement appeal’s as a matter of record only 


smoother than the traditional' 
Porsche. But it also, at the 
moment lacks the shattering 
speed and acceleration that are- 
at the heart of the present 
model's attraction. * - 

Many critics feel that Porsche- 
should have stuck to its more 
traditional virtues and mode¬ 
rated its prices. They argue 
that like a number of European, 
vehicle manufacturers, in trucks 
and volume cars as well as the 
sports car field, the company is. 
moving to a level of sophistica-. 
tion which the customer can no 
longer afford. Porsche’s job 
is now to disprove this theory«- 


January 2,1978 


How the State generates 
new jobs in small firms 



FEVROSE TOYS at Hartlepool 
dfet not exist until Mr. Denis 
Healey announced tbe introduc¬ 
tion of rhe Government’s Small 
Finns Employment Subsidy in 
his Budget last March. 

•'.Mrs. Rosemary Col dwell, its 
owner, says that without the 
subsidy she would constitute the 
firm's entire workforce to-day. 
Instead, the subsidy enabled her 
to take on three staff and they 
were later joined by two more 
to..help cope with seasonal 
demand. 

Measures on tjhis scale may 
not appear immediately impres¬ 
sive when set against current 
unemployment levels. But every 
tingle job created is valued by 
the person who gets it, and the 
subsidy experiment is also im¬ 
portant because it breaks new 
ground in • job creation 
measures. 

Under the subsidy scheme an¬ 
nounced by Mr. Healey in 
March small firms have been 
able to apply for £20 per week 
grants for every additional 
worker taken on after Budget 


By Alan Pike 

Day. As well as being experi¬ 
mental the scheme is limited in 
its application: it applies only 
to private mamifacturfng indus¬ 
try in special development 
areas and is restricted to com¬ 
panies with few^r than 50 
workers. 

The subsidy was the Govern¬ 
ment's first, lirpited response to 
TUC demands for a much more 
broadly based job expansion 
payment to help encourage em¬ 
ployers to take on extra labour. 
However, ; within the terms of 
its own self-imposed limitations 
the scheme lias stimulated 
hundreds of employers in the 
special development areas to 
think about increasing their 
workforces. So far 1,402 appli¬ 
cations creating 2,600 jobs have 
been approved by the Depart¬ 
ment of Employment, and the 
scheme, originally destined to 
end this month, has now been 
continued until March 31. 

At Pevrose Toys. Mrs. CoHl- 
well may have to lay 1 off her two 
extra workers now the Christ¬ 
mas season is over, but she 
hopes she has reached the point 


We’ll show you Rome 
when you fly to 
Africa, Australia, 
South America or the 
Middle or Far East. 


When it comes to intercontinental travd, AEtaEa h a s an unfair 

advantage-Rome. 


Where she will be able to keep 
the. other employees on her 
staff even if the subsidy is 
eventually withdrawn. 

While modest in absolute 
numbers some of the increases 
In staff which have taken place 
as a result of the subsidy are 
quite striking if measured in 
percentage terms. Unihouse 
LtcL, a .company manufacturing 
electrical equipment at Clydach 
Vale, Mid Glamorgan, had a 
workforce of five full-time and 
two part-time before the subsidy 
was announced. Its owner, Mr. 
Paul McCathy successfully 
applied for assistance and only 
employs 12 full-time and four 
part-time workers. He says that 
the subsidised employees have 
helped to advance the develop¬ 
ment of the company and he 
intends to increase his labour 
force still mo^e in the New 
Year. 

The originality of the Small 
Firms Employment Subsidy 
rests in the concept of paying 
employers to take on extra 
labour from the unemployment 
registers. This Is a fundament¬ 
ally different'approach to other 
job-support measures, notably 
the much more extensive Tem¬ 
porary Employment Subsidy 
under which companies are 
given Government financial aid 
to avoid declaring redundancies. 

Ministers and officials clearly 
preferred the Temporary Em¬ 
ployment Subsidy approach and 
this is a principal reason why 
the small firms scheme is on 
such a limited scale. One 
major objection to paying 
employers to take on additional 
labour is the possibility of 
abuse. 


GAZ DE 
FRANCE 


MEGAL Finance Company Ltd. 
George Town, Grand Cayman 

Cayman Islands 

DM 150000000 

67,% Bearer Bonds of 1978/1990 

Issue price: 99 %% 


DRESDNER BANK 

MomoauisawH 


CREDIT LYONNAIS 


DEUTSCHE BANK 

ASHNHKLUOurT 


CREDIT COMMERCIAL DE FRANCE 


UNION BANK OF SWITZERLAND 
(SECURITIES) 

UM2HD 


ABO SECU RI T IE S CORPORATION 
ALGEMENE BANK NEDERLAND HM. 

AMEX BANK 

' UMTCD 

BANCA DEL COTTAR DO ; 
BANKERS TRUST lNTBWATIOMAL 

UMTOB 

BANOUS ARABE ET INTERNATIONALE 
DTNVESTTSSEMENT (BJUX) 
BANQUE DE LTNDOCMME ET DE SUEZ 

BANQUE DE NEUFUZE, SCHLIiMBBlGEnL 
MALLET 

BANQUE WVAUD SLA. 

BANQUE WORMS 


BAYERtSCHE LANDESBANK - 
GtROZENTRALE 

BERLINER HANDELS- UND FRANKFURTER BANK 
CAZENOVE A CO. 

COMMERZBANK 


ABU DHABI INVESTMENT COMPANY 

ALLGEME1NE BANKGESELLSCHAFT 

AKIUNOESaUCrtAH 

AMSTERDAM- ROTTERDAM BANK N.Y. 
BANCA NAZIONALE DEL LAVORO 

BANK JULIUS BAER INTERNATIONAL 

UUIIED 

BANQUE BRUXELLES LAMBERT SJL 

BANQUE INTERNATIONALE A LUXEMBOURG 
SJL 


BANQUE DE PAMS ET DES PAYS-BAS 


BANQUE ROTHSCHILD 


BARCLAYS BANK INTERNATIONAL 

HUTTED 


BAYERtSCHE YERBNSBANK 


Ami 8JPJL 
AL SAJUDI BANQUE 

ARAB FINANCE CORPORATION SJU. 
BANCO Dl ROMA 
BANK FOR QEUEINWtRTBCHAFT 

AinwccatraauFT 
BANQUE FRAN PARSE 
DU COMMERCE EXTEMEUR 
BANQUE L0UI8-DREYFUS 

BANQUE DE PARIS ET DES PAYS-BAS 
(SUISSE) SJL 

BANQUE DE LA SOCfETE FINANCIERS 
EUROPfiEHNE 
BARING BROTHERS a CO, 

1UITD 

JOH. BERENBERQ. GOSSLER & CO. 


ALAHU BANK OF KUWAIT (KLS.CJ 
A EL AMES « CO. 

lUUTtO 

BANCA COMMERCIALE FTAUANA 
BANK OF AMERICA INTERNATIONAL 

LIMITED 

BANK LEU INTERNATIONAL LTD. 

BANQUE FRANpAISE DE DEPOTS ET DE HIRES 

BANQUE NATIONALS DE PARIS 

BANQUE POPULAIRE SUISSE SA. 
LUXEMBOURG 

BANQUE DE LUNJON EUROPEENME 

BAYERtSCHE HYPOTHEXEK- UND 
WECHS EL-BANK 

BERLINER BANK 

MTKNOUUISHAfT 


BANXHAUS GEBRODER BETHHAMf CAISSE CENTRALE DES BANQUES POPULATES CAtSSE DES DEPOTS ET CONSIGNATIONS 


LA COMPAGNIE FINANCtfeRE SJL 




Support 


Africa, with 21 Alitalia destmatiori^and the JfiddleEast with 9 

AJitalfadisstipafions. - 

It's also very much on line fertile rest of AKtafe's world-wide 
nefvrorkifrom Koio Tokyo; from Sydney toBombay 

And. wilh flwnglitfiinj’^nvenient Heathrow departure times. 

and equally handy onward ronoectioiK at Rome, yrmll agree-no otiier 

qirlinenwkesworid travel easier. 

v No-onemak«scdngRorneeasierelher. 

Why not book Intermezzo - the unique range of very reasonably 
-priced holiday breaks specially designed for Alitalia passengers m 
transit at Rome. 

'2J±sSSSSSSS^SS S^~ 

any way voufike-^ou can stay for jtLStafewhourso 

expbrcRoraeon yonr ownerjmnour 


Soo^timeYouVeoffto8«thewri<l^Ro^t» 

Send tia coupon or ask your Aliialiaappomied travel agent, or. 

local anfftfa officr. for fan details. 

Alitalia 

_WfeU show the world-- \ 

UMhittilrihu ll«wDf|rt.gnR.'patSli^L «^™8 Aa j 
i world-wide timelable and details on Intermezzo. j 

1 Nnsec 




Another possible criticism— 
that the payment of subsidies 
will lead to inefficient use of 
manpower — would not be 
accepted by same of the firms 
which have taken part in the 
scheme. Mr. Trevor Branwhite 
took on one man with the help 
of the subsidy earlier in the 
year taking the total workforce 
at his welding and metal fabri¬ 
cating business at Beaumaris. 
Gwynedd, to four. To-day Mr. 
Branwhite’s labour force is 
down to two. “ The idea of the 
subsidy is a good one and I 
support it.” he said, “ But if 
you do not have enough work 
it Is impossible for a .small 
business to carry unnecessary 
labour, even if the Government 
is meeting part of the cost.” 

In any ease, the cost of job 
subsidy schemes must be 
measured not only against their 
social worth but against saving* 
in other areas of Government 
spending. The present experi¬ 
ment is not costly-—the Govern¬ 
ment calculated when prepar¬ 
ing the scheme that 5.300 jobs 
could be provided for less than 
£3m.--and this is good value 
When measured against reduce 
Hons in unemployment and 
supplementary benefits. 


CHEDrrANSTALT-BANKVERElN 


CREDIT SUISSE WHITE WBJD 
muon 

DEN BANSKE PR0VMS8ANK ATS 


DEUTSCHE LXNDERBAHK 

AElTCNGtSUOMff 

EUROPARTNERS NEDERLAND NV. 

FIRST BOSTON (EUROPE) 
uunta 

GROUPEMENT DES HANQUIERS PtUVfiS 

GEN £V CHS 

KESSISCHE LANDES BANK 
GtROZENTRALE - 

INTER UtOON-BANQUE 
KLHNWQRT. BENSON 

UHI7U> 

KUWAIT INTERNATIONAL INVESTMENT CtX 
SJUC 

LLOYDS BANK INTERNATIONAL 

lUMTfH 

MERRILL LYNCH INTERNATIONAL A COL 
THE NBCKO SECURITIES CCL, (EUROPE) LTEL 

OSTERRBCHISCKE LWDERHAiflC 
AintNasuacMR 

PKBANKEN 

SALOMON BROTHERS INTERNATIONAL 
UMHB 

SUTTH BARNET. HARRIS UPKAM A CO, 

MOOVOIASB 

SOdETE OENCRALE DE BANQUE SJL 

SWISS BANK CORPORATION (OVERSEAS) 
wms 

UNION DE BANQUES ARABES ET 
FRANCAISES - ILBJLF. 

J_ VONTOBEL A COw 

WESTFALOfflANK 


CREDIT INDUSTTBEL D’ALSACE 
ET DE LORRAINE 
DAIWA EUROPE KV. 

DEN NORSKE CREDTTBAMC 

DILLON, READ OVERSEAS CORPORATION 

EUROPARTNERS SECURITIES CORPORATION 
FIRST CHICAGO 

1M1B 

HAMBROS BANK 

uiiim 

MU. SAMUEL & CO. 

unmet 

jsmuro BANCAMO SAN PAOLO Dl TORINO 
KREMETBANK N.V. 


KUWAIT INVESTMENT COMPANY 
(SAIL) 

LONDON MULTINATIONAL BANK 
(UND ERWRI TERS) 

BL METZLER SEEL. SOfflt ft CO. 

NIPPON EUROPEAN BANK SA, 

SAL QPPEKHEBi JR ft COL 
POSTIPANWa 

i HENRY SCHRODER WAGG ft ca 

uumo 

SOCrfcrf CENTRALS DE BANQUE 
ftoafirE pfuvEe de gestion financiers- 
TRJNKAUS ft BURKHARDT 

UNITED INTERNATIONAL BANK 

uumo 

SL a WARBURG ft CO. LTD. 
W3BACO INVESTMENTS LUSIEQ 


CHRISTIANIA BANK OG KREDI7KASSE 

COMPAGNIE LUXEMBOURGEOISE 
DE LA DRESDNER BANK AG 
— DRESDNER BANK WTERNATIONAL — 
CREDIT INDUSTRIEL ET COMMERCIAL 

RICHARD DAUS ft CO. BANKERS 

DG BANK 

DEUTSCHE GENOSSENSCHAFTSBANk 

EM-EC I EMBANK-WARBURG 
MomeunuoMT 

EUROPEAN BANKING COMPANY 
lump 

ROBERT FLEMING ft CO. 

UMRED 

HAMBURGKCHE LANDESBANK 
- QBtOZENTRALE — 

E.F. HUTTON ft COlN.V. 

kansalus-osak&pankki 

KREDIETBANK SJL LUXEMBOURGEOISE 

LANDESBANK RHBNLANCLPFALZ 
— GtROZENTRALE — 

MANUFACTURERS HANOVER 

mums 

MORGAN GRENFELL ft COL 

IIMTTO 

. NOMURA EUROPE N.V. 


ORION BANK 

U1U1EO 

REUSCHEL & CO. 

SCHRtiDER. MONCHMEYER, hengst ft ca 
SOCIETE GENERALE 

SOCJEtE seQUANASE DE BANQUB 
UBS - DB CORPORATION 

VERB AND SCHWEEEHISCHER 
KANTONALBAKKEN 

NLH. WARBURG - BWNCKMANN, WIRTZ ft CQL 
WOOD GUNDY 


CfTICORP INTERNATIONAL GROUP 
COMPAGNIE MONEGASQUE DE BANQUE 


CREDIT DU NORD 

DEN DANS ICE BANK 
AF1871 AKTIESELSKAB 

DEUTSCHE GtROZENTRALE 
- DEUTSCHE KOMMUNALBAHK - 
EUHOMOBIL1ARE SJPJL 
COUPAGNIA EUROPEA INTHUIOMJARE 
FWTER BANKZOmCH 

GtROZENTRALE UND BANK 
PER bSTERRElCHISCHEN SPARKASSEN 

MaiENGiKIISOUFr 

HARDY'S LOMAN BANK GMBH 


WDUSTR1EBANK VON JAPAN (DSUTSOOAND) 

jwiaiOEsaiMMn ' 

KIDDER, PEABODY INTERNATIONAL 

uumo 

KUHN LDEB 

LEHMAN BROTHERS INTERNATIONAL 
LAZARD FRERESETCIE 


MERCK, FTNCK & ca 


MORGAN STANLEY MTERNAT10NAI. 

NORDDEUTSCHE LANDESBANK 
GtROZENTRALE 
PETROFIGAZ 

N. M. ROTHSCHILD & SONS 

UMliD 

SKANDINAVI9KA StSKILDA BANKER 
SOClEri GENERALE ALSAOENNE DE BANQUE 
8VEN6KA HANDELSBAHKEN 
UNION BANK OF FINLAND LTD. 

VERB NS- UND WESTBAHK 

W*N««UKHA|T 

WESTDEUT5CHE LANDESBANK 
GtROZENTRALE 

YAHAICM BiTHWUmONAL (EUROPQ 

















F 


f 


■> . Financial Times Tuesday January 3 

What went tip, and what down, in world stock markets in 1977 

FINANCIAL TIMES _ B §il w 

BRACKEN HOUSE, CANNON STREET. LONDON EC4P *BY M ^ Af|AllA.| llTlAQCA ¥¥7| T W% 4\ "W f\ \M7 

886341/11183897 IJCI1CIdl Uilcd^v Wl-lll 4t Jlvtt 

_ Tuesday January 3 1978 __ 'A - 

Living with a bright Spots 

cfi*AHA nniinil by Nicholas colchester 

wi -w- n GENERAL, world stock ^and thus beating its record set 

0 *■“ I market prices fell in 1977. 1 Q77 PPPPOPMANCES IN THE FIVE MAIN MARKETS in toy, 3972 by S.6 poSnts. 

IT NOW seeps virtually certain kind of obstinacy which he has The Capita! International 19/7 PtW UKIWANl/» IW 1 fit TlVt IIIAin IflAKIILia Fnmx that iMn^t onwards 

that the strong rise in sterling already shown to the firemen. World Index, with currency __. Outcome Corporate Corporate Expected . __ _ . economic reality began 10 re- 

during our undeclared national Industry, worried about the pres- changes ignored, registered a fe^t TDTjh G?K£Id GnfSlS wShwd’ 

holiday was not simply an acci- sure on its profit margins, the decline of 7 per cent In many gnp oecd G riehT* * • «r?Lncr ^12 Index broken for Investor by a set Of 

dent due to the weakness of the trade- unions, concerned with stock markets share prices G J2rfy 8 T977 h «timat* at start at end prices ei!d 1974 andW77 movamSt - 1977 

dollar. The authorities seem employment, and a large school ended the year weakly after the or <v or or % % % % % industrial companies awminai 

to have stuck to the policy of of economic advice will unite moment in late September —- - - ■ • •— -- ^pressing third quarter 

free floating adopted at the end to urge the merits of competi- when the IMF asked pointedly U5. 5J5 4.75 TO-15 +IS 4J 7a 7S . 3 — .05 NYSE fipirtt from 1C^ J^^Octooer 

of October, and last week their tiveness rather than competitive for more economic stimulus. JAPAN 65 6 +20 — 5 la 85 .65 +20 - 2A Nikkei-Dow the fall in interest ratw, which 

inaction in the exchange mar- pressure. Except for the con- Thereafter the talk of protec- GERMANY 5 2.75 +10 — 2 5 73 5.7 + 6 . + 7 Commerzbank had been_ sum a powerful tonic 

ket amounted to a positive sumer, it is more comfortable, tionism and of the problem* of PRANCE 45 3 +9 +10 7 1T.0 11.1 — 1 — 65 CAC Index to both the gilt and equity mar- 

choice. It is too early to say It must also be remembered basic industries grew louder UX. 15 005 +25 +14 6 140 105. + 8 +42 FT Actuaries kets, had run 11& “f‘ er 

whether a strong pound has now that it is difficult for the and share prices seemed to re- __ AO Share _ lowering the Miaixnum. Lending 

become an official policy objec- Government to stick to any fleet increasing unease about Kate "7 10 percentage points to 

tive, in spite of the distress it policy about the exchange rate, the prospects for continued . . . ; 5 P°r cent, over the preceding 

may cause in the short term to apart from a passive acceptance economic growth. market started with the Dow investor had lost his appetite for cal stocks with BASF dropping cent, to the lowest point in its year. in Novemuer ollk 

exporters and to the equity mar- of market movements, if the m smite nf this vaene Jones Industrial Average at its a market that bad gone nowhere 15 per cent over the year. history—50.4. Three days later jumped abruptly upwards again, 
ket, or whether it is simply an markets remain as turbulent as ...umimitv Vtnric high of 999.75 and de- so far this decade, and that the The Japanese market appears M. Ban* outpointed M. Mitter- The weak finish to toe year. 

J___ t. ____._ . _ __ Unanimity, inaiviouai 510C*. e_.„u _~r_S..LS1:._- .u- !♦» tn ha aiiT nnd D nri tha mnrlrot hnnin To which uras matched in Paris and 


N GENERAL, world stock 
market prices fell in 1977. 
The Capital International 


bright spots 

BY NICHOLAS COLCHESTER 


1977 PERFORMANCES IN THE FIVE MAIN MARKETS 



Officially 
expected 
GNP growth 
early T977 

% 

Outcome 
for 1977 
latest 
OECD 
estimate 
% 

Corporate 
profits 
forecast 
for 1977 
at start 
% 

Corporate 
earnings 
growth 
estimate 
at end 
% 

Expected 
dividend 
yield on 
year-end 
prices 
% 

Long-term 
Gvt. bond 
yield 
end 1976 
% 

Long-term 
Gvt. bond 
yield 
end 1977 
% 

Trade 
weighted' 
currency . 
movement 
% 

Market 
change 
over 
' 1977 
% 

Index 

U 5. 

SJ5 

4.75 

10-15 

+ 15 

43 

73 

75 . 

-3 < 

-:o5 

NYSE 

JAPAN 

65 

6 

+20 

— 5 

15 

85 

65 

+20 

— 16 

NikkeKDow 

GERMANY 5 

2.75 

+10 

- 2 

5 

73 

5.7 

+ 6 

+ 7 

Commerzbank 

FRANCE 

45 

3 

+ 9 

+ 10 

7 

115 

11.1 

- 1 

- 65 

CAC Index 

UJC 

15 

005 

+25 

+74 

6 

143 

105. 

+ 8 

+42 

FT Actuaries 

AQ Share 


and thus beating Its record ret 
in May. 1972 by 5.6 points. 

From that moment onwards 
economic reality began to re*. 
assert Itself. The spell was 
broken for Investors by a set Of 
disappointing results from 
industrial companies culminat¬ 
ing in depressing third quarter 
figures from ICL. By October 
the fall in interest rates, which 
had been such a powerful tonic 
to both the gilt and equity mar¬ 
kets, had run Its course after 
lowering the Minimum. Lending 
Rate by 10 percentage points to 
5 per cent, over the preceding 
year. In November MLR 


uvw» iur u«s muuejr auyyij. iorcea on io us present poucy, stock Exchange had a aloomv * 

Either way. the Government has and even if it is at present wnr in cnite of a US Private By t* 10 end - the U.S. pension atmosphere. 

_ 1 - __J 6 "* m S P Ue 01 a P nvale fund, __ At _ 


although since it is a highly was really necessary. 


to 42 per ceit from Its maxl- 


Real wages 


wouia torce It zo reconsiaer n ,|t«rfanrtinff market and Ger- — a aecaue. iv u*. iur meir own marKet, ana l.u yci wui. ^ oul from miO-UCtOOer onwaros 7Z. ~,~ ZSrZ.+ «««« .J.Z 

its priorities. If the dollar manv a solid one. in aDDarent same growth stocks to very optimistic about Wall whole of the Japanese market when some poor inflation figures 'Tfi S 


attempt to secure wage modera¬ 
tion, and the restraint imposed 
on public spending—a strong 
exchange rate promises less 


sterling 


produce 


[ profits. 


Bourse 


fall over the year. 


exchange rate promises less t0 demoralise industry entirely, because of the basic industry corporation tax burnt with a rally with the economically the year of 6.5 per cent. The “If 

growth than has been forecast an d cause a collapse of invest- ,in n Thresh thf ?ear untU pTor stoc ? 10 ® ake U P; but the slow fuse through the first competent Mr. Fukuda installed strong stock market sectors were nf S!Sll 

m the short terra, and probably ment A policy of appreciation ' fimirPK th _ Hcjno Yen ? uc ^ br °ader based New York quarter but it finally burst upon at the helm. There were some insurance and motors, both of ln 

in tiie whole of 1978. but could calls for judgment and modera- ?_ ri thH threatened outlook for Stock Exchange < NY SE) index Germany's very yield-conscious nasty moments in April when which registered rises averaging JJS 

provide a sounder base for long- tion rather than a carefree o{ confinned that the overall trend investors from April onwards, the Yen displayed its under- 12 per cent Mich el in rose 18 

term growth. A strong exchange overdose, but this toaj be hard IlvhlSw in final^SS- down with a 10,5 per cent The reform allows German lying strength but by and large per cent, and Peugeot-Cltroen 

rate means that demand in the to manage in disorderly ^ b,0WS ^ fiDal ^' arT faU over the year. shareholders to present a the market held up until the 40 per cent. The losers were 

home market should benefit markets. t Tbe common theme that can coupon, reflecting the corpora- late summer sustained . by the steel and basic metal stocks f* t VC ,uI 

from higher real incomes, but be seen running through these TjlkPOVPr tion tax already paid on distri- institutional liquidity and by a which shed an average of almost *».• 

that British industry will face Stability differing movements of the J.4KtTUVCF buted profit, Z part of their passable bevy of profit figures 50 per cent. 221J?*. ^ 5* 

stronger competitive pressures In other wotds, the fact that nnjor bourses is a continuing personal tax payment There for the six months endingr in The British eouitv market was J55?!? 1 

in the home market as well as we are floating freely upwards predilection for yield among DOORl remains great uncertainty—par- March. From October onwards xhe prima donna in 1977 and it tol>acco COmpames ' 

abroad Companies which are does not alter the fact that we those investing in equities. It is something of a ticularly in view of the deteri- the uninspiring outlook for took very skilful and selective 

anywhere near an international have a strong national interest consistent with a lack of capital . b I yc industry orating profitability of German world trade, the 20 per. cent investment on any other world f^llQrrPc 

standard of efficiency should still in more stable conditions in the investment and a general seep- tekeovej^o^in U^mdustry y^JLhow much revaluation of the Yen, and a SSJtomrtcMbe SaTrlse Uliarfl-S 

leveT, e the°^ge rale^a'ves Ss^oih“"Stbing d about growth "that investors should of pStnt **££££ VBD 

Snw^hTu" X°«: S e ^°P« 3i d™C^T b . W ndt oT& S&£i » .ppr* jS ESA, on&rket 7SK S .he'e^d ft ™ S “^tellatlon * 

Mwra ttAs&zszs SSSSSS sssm 

touch. This is . policy to cn- policy enacted arc obstinate. £ shall see. for the strength of the corporation* TS/SiSl tea ??Lf. ?? .““h increaseln movements over the arbitrarily 


Takeover 

boom 


sssrra SFJrSHSS Div{dend 

celior for a slow and steady markets by other central banks, rates are falling—only Japan's 22?, ;l P n,S «« !h! • 1 j ” nfff’ £!? . <>f the world ecohomy. Its indus- 

SSTto? fte “nV U te^r , r.ther Federal^’S.m^Bo'ardwho Se SSo'rm'To^thi,”"’'*^ 1 'll U Th ■ ir f“ m growmg'oveSh thH 

srvsssr-JE ss szzsrss as aftS s&3 nSSSiPtxSS The market’s r” M 

ss ? ssk: s a to ^r« sac» r -js £5H3 ST® 5 S»Ps tssrt zsttgr* 1 “™? ssms isn 


long enough to be dignified in monetary policy. growth stocks. OT^ Wh that the onlv 

these terms, fits in well with Indeed, as long as the weak- Yield-consciousness has up- con]D anies that were considered 
the dec’ared preference of the ness of the dollar provokes large derlined the tendency for equity wn rtVi ourchasine on a ernwth 
Prime Minister and the Chan- interventions in- the exchange markets to rise where interest S SnmLnSvT 
celior for a slow and steady markets by other central banks, rates are falling-only Japan's tats ZS Tn the 

approach to expansion—a pro- it is they rather than the rather rarefied market failed to Ampriran Srnrk FvrhanPP and 

vnicp tKT- Tha Inna fm-re nthbf 1Toder«1 Dnunm Rn.fH «rh« __,K:_ 1<V7T T, Jc AmEn C an OtOCK CiXCnaDge anQ 


point on innaiion man an extra aonars. uo-operanon on this street—whereby me money HimhinP hv 14 opt r Pn r * —" 1; ” TVlo ■ „ - ■ . ... 

'rr. r; 25SS°iJTS!i £ d H U . C \. Un "n 32aL3f% Y',"“ d some of the blame far this SvTbeen tartSd-SSJZ French marj lit year was. 1, 


The market’s 
euphoria 


growing overall demand so that 
a prospect of growth can be 
combined with falling or stable 
interest rates. Its currency 
must reflect an economy that is 
on the mend rather than head- 
ing for disaster; it must be 


Uneasy meeting 
at Aswan 


aetina to raise interest rates ' oa rresiaeni uanei^ ana ms uo- and falling rates of interest between i'nme minister in the smaller British companies The Swiss stock market not 

acting to raise interest rates. nerving tendency to announce The motor sector has benefited Raymond Barre and the that did best this year and the yet mentioned, showsihe grelt 

The scepticism among U.S. in- grand schemes first (tax reform, f ro m the continuing high level Socialist leader, M. Francois actuaries industrial group index and almost self-fulfilllne attrac- 

vestors and U.S. businessmen energy) and. think about the of car sales. Volkswagenwerk Mitterrand, oni May 13. This showed a gain of 50 per cent tion of a firm and inflation-free 

about Amenca s continuing problems afterwards. Then ’here posted a gain of 53 per cent: gives some indication of the compared with the rather currency to investors H a World 

prosperity appeared quite per- was the lack of clout of his it was a recovery situation with Bourse’s priorities. After fall- smaller increase of 38 per cent of floating exchanep rates Of 

verse to European observers. Council of Economic Advisors. « high profile in the U.S. Con- ing 19 per cent in 1976 the mar- registered by the FT 30 share all the world's significant stodt 

The real growth in the Ameri- the departure of Mr. Bert struction shares were also strong ket was shaken by quarrels with- index. Yet paradoxically it was markets the Swiss market \r the 

can economy and in corporate Lance and subsequently that on the basis of fat overseas in the governing coalition and these 30 large industrial shares only one to have outstriooed 

profits was up to expectations of Dr. Arthur Burns, the order books, with Hochtief out- by the rise of the Left In muni- thatmost accurately reflected the inflation over the part two ream 

and was more than satisfactory chairman of the Fed. It was standing. The losers were the cipal elections. By May 10 the markers euphoria in September —London's fireworks in 1977 

by European standards. Yet the also observed that the small steel, basic industry, and chemi- index had fallen another 21 per with the FT index rising to 549.2 notwithstanding. • 


IN CONTRAST to the there might be seen as * a long IVI 111 AS IH HI 

geniality oF their talks in step forward,” as Mr. Carter II■■■I* !■■■■# 

Washington last spring to- said. , - ■ - . 

morrow's brief exchange at Nevertheless, it falls far short LI gill. 3(10 nB3l 

Aswan between President of the Arab demand, still cham- _ 

Jimmy Carter of the U.S. and pioned by Mr. Sadat in his peace in tn6 OonHTIOMS 
Pres idem Anwar Sadat o( Egypt initiative for complete Israeli 

may be strained. Yet the good withdrawal and the establish- When the Goliaths of the light- 
personal rapport struck up at ment of an independent Pales- ing industry gir’e evidence to a 
their first meetings should help tinian state. From this funda- commons select committee to- 
to ease the tension created by mentalist position Mr. Sadat has morpow weeJ , their naze will 
Mr. Carter's airing of his views not formally shifted. m0T ™ w we * K ‘ !7" 

on the form of a Palestinian Yet he has made a big stride sure *y wander to the public 
“ homeland ” before his forward to compromise by not gallMy In search of the David 
departure on his present six- upholding the “right” of the who has caused them so much 

nation tour. Palestinian Liberation Organisa- trouble. “ I’ve been told to 

Certainly, tiie change in his ^ on t0 take control of evacu- wear chain mall,” jokes David 
tight schedule shows the at0 ?. territory and set up a Meiklejohn, who is coining down 
seriousness with which the U.S. J? from Fife in Scotland to hear 

leader regards Mr. Sadat's h . ls commitment to such a solu- . r . . 

strong reaction to his stated tion under the resolutions of Philips. Crompton and GECgive 
preference for an entity which the Arab summit conference of •jJJ" 1 ® 8 about lhe Ufe o£ light 
would not form a separate and 

independent Palestinian state. To break the Impasse Mr. Meiklejohn is a 33-year-old 


MEN AND MAHERS 


AMESXM 

smssr 


independent Palestinian state. 10 break me impasse Mr. Meiklejohn is a 33-year-old 

Carter may argue that a Pales- mechanical engineer who has 
Carter’s Statement tinian entity with only limited been researching “planned 

miiinuriixr fh* autonomy would be the first obsolescence" for a PhJD., and 

rfJdlwkth? j£SS“2£f *teP thirds the creation of a it was an article he wrote for 
timbetoera Mr SaS”and to ^r-^dged State when Israeli New Scientist lost June that set 
SfnacK BeS'n on Christmas fears and distrust have been the select committee in motion. 
D?r ^TaSSiii l«d?52 aH ^ ed ' Such reasoning is un- In essence, toe heated debate 
2k^bJkH^. 1 ta te £w W £ Ukely 10 satisfy Mr. Sadat. He. ceo^ on__the average 1,000- 


Sfen t aha^wh n a,'"e'Sw W S wTioSrST ^ on the 

5.“S reeled to eat. on ^ “S! 


“ Of coarse the President's 
speech is open to several 
interpretations . . . and will 
probably get. them l" 


of San. For «- O* « « ™on~ .od ^^“to^S <» PraCl,C “' * ™ 

Ervot the offensim narr of , Pressure to bnog about greater ?r n r , *! aJy to since ini. maehinsn , wm ,i d be in i„ n , rrfT Grant has painted so much In 

■ ssrajAS ss wh EJ i , a ,Ked * M ss« he s? 

WM M^^cLler’s^beliff thrt a Begin’ S plan S Bt ? , S s Ju ? d0 not L waQt long ' 5* was fra, }f about 0118 as P ecL Better Unsaid ? 11934), in oils on board S whirh 

?“e^ia^enti ? ty e ^S at be a So far toe Egvptian leader EHS* Resident Carter's tour seems Bracken Houi 

only semi-autonomous. He will has avoided the temptation of puWic isbSng kept in the*dart cut everyone’! turnover" t0 be se ” iag 2 record for saffes J*J d jt bad grown rather 

no doubt be at pains to explain a bilateral accord with Israel asyo? mighty about how lonz he ar"u2^Siat then u5L is not S, n ? indlscrt!tions - 0t,r man in ,1 ?® 8e \ he advised: " Yo “ It u«d to he called shcU-*hoek. Now we know more. We knowthar there 
to Mr. Sadat that he was giving wh icb be could have any time a fame should i a «S to S?fc! ^ Tehran ' Andrew Whitiey. yes- f h°uld deanjt with washing-up a-ehm. rations to the human mind. 

his personal opinion. and w ould be acceptable to the ^ P aSt * etiuipped to make the best terday had one to himself, lqujd - I did so. very gingerly bailors and Airmen all risk mental breakdown from over-exposure 

Somewhat surnrised and majori!y ot bta^2Si. « l! Thorn addressed the select ^oice and that an mdependent while travelling down in the ^ ad Cr ^ dancers are flow- death and violence wliikc Jn thc.senice of our Counoy^^Jn 

Sjomewnat surprised ana majority ot nra people, it is conim , t tee last month: its bod 7 should be set up to fix a iift . n the local Hilton ran ,n 8 anew. keeping the peace no less than in making war. 

alarmed. U.S. officials were still a matter of speculation how research and development direc- sta ndard lamp-life. He points journalists n!us a small We devote our^efforts -solely to the welfare of these man and woraaifrom alt 

quick to assert last week that far Mr. Sadat is willing to com- for An ,hnni. wni£».hh~ «,.* to Norway, where 2.500 hours-r r.o ’ . die Services. Men and women who have tried to give more than they conM. 

Mr. Carter had said nothing new. promise m negotiating a com- ’ a dau J ty defence The « the norm and where Thorn ° jecu«tij men are — , Some are cnily 19. a f^v are nearly so years of age. 

Ereu so. Mr. Sadat had some prehensive settlement. companies are subjecting the a long-life bulb. But most Carter is an in the^ Shah'^ Whv rpminW . We bdp them at home and in ho^ital. We nin our ownCoavaIe*ent Home, 

justifiable reasons for complaint Clearly, however, he has not committee chaired-bv J&tbur of a11 he joints tn the U.S., SaSi P “ Shahs Wn Y remind US? For some, ■we provide work ra a sheltered industry. so that tiiey can live 

about the timing and emphasis been offered nearly enough to Palmer La bo ,, r member for where a 10.000-hour bulb was . „ , Clearine urf W r»nni»- wiflwutdiantji wrothers, a Veterans.' Home where rhey can sec out their. 

of the American President’s present to Joitian. Syria and the %££al 'NoJth E^ w S tZl introduced In 1957 «d toe °^ Cr ° CC “Z. ant of and other ChrlSS^ g ^- paper ^ yainpeace ' J 

remarks. They came at a deli- Palestinians — sayrine. in effect, VnI th i tS5vJ°*JS 1000-hour bulb is almost ^e lift was a security man, * ® detr itus. T These men and women ha\t given<heirmlnd« to theirCmurtry. ITwb m. 

of Stalemate and in takett oTleareit — so tS science and sincerity that can is almost who ignored Whitley and kept !£■ ««7 scanning a gifts book- to help thork ire must hare fimda. Do please hdp to repay thiavMtdcbt.lt - 

ate pome m stwemate anai m taxe n or leave it so tnat be mustered. It is said that ®™ ncL A-.000-hour bulb uses t ^kie-talkie pressed to his Iet senl out by a suiw is owed by all of us. 

Arab eyes their sum total Egypt can conclude its own Philips have spent around ® per cent, more power-" »&r All at nn«> a <•>,:» department store. One n <x a , 

amounted to a less thM even- peace agreement. After a £50.000 on prepSng evidence. whtch niight be a factor for from sit- was captioned: “Bring vi?? “TheyVe given more than they could— 

^ Sm? e WOrned ab0Ut elwtrtet y ...“Has anyone seen Carter? ^ date with this puSe give as much as you can”, ' 


and Social Research. Of course, Ifewnoeinn 
politicians have been staring r ' c y |lcol « 11 
suspiciously at ligbtbulbs for rn^mrirv 
decades: there was a Monopolies 7 

Commission report in 1951 that The artist who was once in love 
recounted, among much else; with Maynard Keynes spent his 
how between the wars toe mami- New Year painting watercolours 
facturers’ organisation, Phoebus, in Aldermaston. When I asked 
fined members who made bulbs Duncan Grant what he remem- 
lasting more than 1,500 hours, bers about the economist a 
As it happens, Thom intro- rather distant look came into 
duced a double-life lamp six hia eye. That is hardly surpris- 
weeks before the select commit- ing, since Grant will be 93 this 
tee began taking evidence, month and it was back in the 
Aparently it is not selling well 191+18 war that he was closest 
— and having tried several to Keynes. They had met in a 
London retailers between pub in Victoria Street, London. 
Christmas and New Year. I “I liked Maynard because he 
know why. You cannot find it. was extremely intelligentsays 
But you can get plenty of Grant. “And he was so nice 
Polish and Hungarian bulbs, to me." 

heavily undercutting the Grant is staying in Alder- 
British brands in price. I asked maston' with the poet Paul 
Meiklejohn how long they might R 0C he and his American wife 
J*? 1 '. „ M h 0nly 1 - 00 ? ^° urs - T Clarissa. The last surviving 
Sadly ' J p 5‘ of tte Bloomsbury 

haps Arthur Palmer and his Group, he is now confined to a 
colleagues should invite the wheelchair. Bearded like a 

socialist countries to explain patriarch, be wears a laree 
why they are imitating our Mexican hat with a feather in 
capitalist practices. it while he paints. 

Grant has painted so much in 
his long life that he cannot 

Better u nsaid ? a rS rt . s SK 


Some of the worst 
wounds... 


fa?? Pit;. 

: *4* 



are the ones 
that don’t show 


It used to he called shell-shock. Now we know more. We know that them 


j! breakdown from over-exposure 
ice of our Country. Service...In 


Objectively, given the ruling dramatic peace initiative has acceptance of Meiklejohn’s bilIs - We seem to have lost him.” ' 5uperb colour-printed Globe of 

Likud bloc’s electoral position ™ ahead of . u - s - diplomacy the argument that 2,000 hours Meiklejohn will be giving evi- There was a brief tense fhe Worid ia 1977. can ht 

of no withdrawal from the West time seems npe for more active should become the norm would dence on January 25. as will silence. Then another voice blown up in a couple of 

Bank or Gaza Strip, Mr. Begin’s mediation, not the least with have stupendous consequences: another critic of the com Dailies, responded Il2ht4u»art«»rtiv* minutes." 


Observer 


imnmui€LFAR€ sociery 

37 Thurloe Street, London SW7 2LL 01-584 86^. 




9\J :• 







□ 






>H:. Times Tuesday January "3 157.8 . 


11 


five years of the Union Jack 


By REGINALD DALE, European Editor 


TO-DAY’S - EEC bears little 

resemblance to tfe* comfortable 

' dub that Britain,' Ireland and 
Denmark 'Joined Just five years 
ago; When the Union Jack rose 
for the first time on the Brussels 
flagpoles in January. 1973, the 
October -War, the oil crisis and 
world recession were, still 
around the comer. The Nine at 
their Paris summit the month 
before bad just pledged them- 
selves to “European Union" by 
. 1980 and. reaffirmed, their com¬ 
mitment to- economic and 
monetary union by the same 
date. The - smaller member 
countries were looking to the 
TJX to contr&ute its cultural 
and democratic traditions to a 
new burst of progress towards 
tbe European ideal. In Britain, 
there was still talk of the “cold 
douche'* of EEC competition 
that was' to galvanise the 
counter’s industry .into a 
dynamic new period of pros¬ 
perity. 

Now, five years later, as the 
three new members complete 
their period of transition to full 
compliance, with Community 
rules, the picture is yery differ¬ 
ent. Britain has emerged openly, 
indeed complacently, as a major 
new “Gaullist” force in Brus¬ 
sels; economic and monetary 
union—let. alone “European 
union”'—are more distant than 
ever, and the Community is 
about to run the risk of diluting 
itself still further by admitting 
three new. relatively backward 
Mediterranean members. 

Thanks to.the UJC’s democratic 
traditions; the first direct eleo 
; tions. to the European Parlia¬ 
ment are about to be postponed, 
and last year was tbe first to 
produce an opinion poll showing 
that more people in Britain dis¬ 
approved of the EEC than 
approved of it 

It Is true that many of the 
optimistic expectations of the 
early- 1970s have not material¬ 
ised. There has been no indus- 


twai'MitURTT 




p'^ 

jj m toap ecS^ II 

Bp Percentage of British imports from EEC covered by. WSi 
267^ British exports to EEC ‘ 

1970 *971 ' T972 ^ " 1973 1974 . 1975^ 1975" ^1977 

—^- - DMiwy 


trial miracle—investment has if 
anything flowed outwards rather 
than inwards—and Britain's 
farmers are bitter at the way 
they feel the complex workings 
ol the Common Agricultural 
Policy have robbed them of the 
benefits of the EEC's high farm 
prices. Popular disillusion has 
been fostered by the Labour 
Government's tendency to treat 
other member countries as 
adversaries, rather than 
partners, and the Community 
itself as an alien organisation 
antagonistic to British interests. 

None of this, however, has 
had much impact on the steady 
process of fitting Britain into 
the Community framework that 
has been carried out over the 
past five years. There was, of 
course, the time-consuming “re¬ 
negotiation” of the original 
entry terms, completed in the 
spring of 1975. But that changed 
little of Substance beyond secur¬ 
ing additional guarantees that 
the British contribution tD the 
budget would not rise too fast 
and that New Zealand's inter¬ 


ests would be looked after. 

With most of the transitional 
steps already taken, the end of 
the five-ye&r period has brought 
no dramatic changes. British 
exchange controls. which 
should have been' totally 
abolished for EEC transactions 
on January I. will be only 
modestly relaxed following 
negotiations in Brussels that 
were concluded . just before 
Christmas.'.Now that the period 
is over, the three new members 
no longer benefit from a special 
safeguard allowing them to pro¬ 
tect sectors unduly affected by 
EEC competition, and a variety 
of regulations come into force 
on such items as food additives, 
the marketing of pharmaceuti¬ 
cal products and cigarette taxa¬ 
tion. From now on the U.K. 
will no longer insist on the need 
for prior authorisation for 
nationals of other EEC coun¬ 
tries to seek jobs in Northern 
Ireland. 

The most important of the 
final steps which comes into 
force with the New Year is the 


last of the six adjustments to 
align U.K. farm support prices 
with tbe full Community level. 
The main products affected are 
beef, butter, cheese and cereals, 
which will rise by amounts vary¬ 
ing from 4 to 12.5 per cent For 
other products like sugar, pig- 
meat. eggs and poultry, the 
transitional period has already 
been completed, and the 
Ministry of Agriculture is con¬ 
fident that the New Year sup¬ 
port price increases will add no 
more than about ip in the £ 
to food prices at retail level. 

Even with ths final adjust¬ 
ment, however, British farm 
prices will only be at EEC levels 
In nominal terms. Because of 
tbe decline In the value of the 
pound since 1973, and the use 
of artificial “ green currencies " 
to calculate national prices, 
British farmers are still receiv¬ 
ing 30 per cent, less than they 
would if the Community's 
common prices were converted 
at the real exchange rate. It is 
this that lies behind their com¬ 
plaints against the Government, 
which they are constantly 
pressing to devalue tbe green 
pound so as to reflect reality. 
Agricultural experts believe 
that current returns to farmers 
are probably little different 
from what they would have been 
if Britain bad not joined the 
Community. Certainly the move 
to tbe “common” price levels 
has not -led to any marked 
changes in the pattern of British 
agricultural production. 

How far the consumer has 
been hit by the move remains a 
matter of controversy. Commis¬ 
sion officials m aintain that if 
Britain had stayed outside the 
Community and continued to 
shop on the world market world 
prices would have risen higher 
than they have during the past 
five years, bringing them much 
closer to current EEC levels. 
Not everyone is convinced. The 


general assessment is that food 
would be cheaper if Britain had 
-stayed out, although by exactly 
how much nobody will prob¬ 
ably ever know. Certainly world 
prices of cereals, sugar, butter, 
skimmed milk powder and beef 
are currently well below Com¬ 
munity levels. 

Nevertheless, the "green 
pound" and the monetary com¬ 
pensation amounts (MCAs) that 
go with it have helped consider¬ 
ably to shield the British con¬ 
sumer from the worst con¬ 
sequences of the move to com¬ 
mon prices. The 30 ppr cent gap 
between British prices and those 
in the rest of the Community 
has been covered by massive 
EEC subsidies that are still run¬ 
ning at over £lm. » day. They 
are a windfall benefit from the 
CAP that nobody expected when 
Britain joined, and which tbe 
Government will be most 
reluctant to lose through a 
green pound devaluation. The 
Commission has proposed that 
the HCAs be phased out over 
the coming seven years, but the 
U.K. is unlikely to accept the 
proposal as it now stands. 

Another area in which Britain 
has fared better than expected 
has been the EEC budget, orig¬ 
inally regarded as a major 
potential drain on the economy. 
As the table shows, Britain’s 
gross budgetary contribution 
during the transition period 
came to just over £2bn. But 
almost as much has come back 
from Brussels in "the form of 
loans and grants. The loans, 
of course, have to be repaid 
over a period of years, but the 
interest rates are favourable. 
The money has gone towards 
modernising the coal and steel 
industries, sewage and water 
developments and North Sea 
oil. The grants according to 
the Commission, have helped 
to retrain more than 20,000 
British workers and are in¬ 


creasingly being used to help the 
handicapped, provide jobs and 
training for young people and 
stimulate projects to combat 
poverty. 

The present limited size of 
the budget reduces its impor¬ 
tance as an indicator of how far 
the country is benefiting from 
EEC membership. Anti¬ 
marketeers have tended to latch 
rather onto the trade deficit 
with the rest of the EEC. which 
mounted spectacularly in the 
years immediately following 
entry, reaching £2.fl>n. in 1975. 
Thereafter, as the graph shows, 
the tide appears to have turned 
and the deficit in the first half 
of 1977 was down to £876m. But 
this, too, is an unreliable 
indicator, given that Britain's 
overall trade deficit began to 
increase before Community 
membership, and was as much 
the result of domestic factors 
as anything else. 

The last industrial tariff 
barriers have already been down 
for six months, reflecting the 
Heath Government’s effort in 
the entry negotiations to move 
faster on industry than agricul¬ 
ture. On July 1, the UJK. also 
aligned fully with the Common 
External Tariff, averaging 6 per 
cent, and became fully inte¬ 
grated in the Customs Union. 
The same date saw the abolition 
of tariffs bet ween the Nine and 
the seven EFTA countries, 
creating a gigantic free trade 
area from Sicily to the North 
Cape. A great deal of work re¬ 
mains to be done, however, on 
dismantling technical and non¬ 
tariff barriers to trade inside the 

Community. 

The greatest unresolved issue, 
never satisfactorily settled in 
either the entry negotiations 
or the "re-negotiations,” remains 
the emotive question of fishing 
limits. Tbe original Six pulled 
a fast one on the three new 
members by rushing through e 
fisheries regulation that took 


BRITAIN'S BALANCE SHEET 
WITH THE EEC 

La®» to UJC. (|anuar^I973 to November 7777) 

European Investment Bank 76JL0 

European Coal and Steel Community 7464 

14144 

Grants to UK. (January 1973 to November 1977) 
(£m.) 

Soda] Fund 172.4 

Regional Fund 1312 

Farming capita) grants 46.0 

E.G5.C. 354 

Hill fanning grants 204 

Hydrocarbon grants 6J> 

Miscellaneous 


Total loons and grants 


1,9283 

Sourct: SBC Comnbt/eo 


British Grots Contributions to EEC Budget 

___ can.) 

1973 147.0 

1974 237.4 

1775 341.0 

1976 556.9 

1977 7364 

2,039.1 

Source: EEC ComninfM 


no account of their interests 
just before they joined. The 
damage has never really been 
undone, and tbe whole problem 
has now been transformed by 
the move to 200<nile limits. 
British fishermen are fighting 
bard for an exclusive 50-mile 
limit round the coast of the 
U.K., a demand that is almost 
certainly a lost cause. Bu-t tbe 
Government is making a hard 
stand, not least because it feels 
it has once again been short¬ 
changed—this time by Commis¬ 
sion proposals which take little 
account of the vast sea areas 
that the U.K. will be contribut¬ 
ing to the Community “pond." 

Whatever the outcome, it is 
unlikely to prove popular either 
with the fishing industry or with 
the general public as a whole— 


as the Government is fully 
aware. Fishing is certainly an 
issue on which the UK. has a 
good case for some sympathy 
from its partners. Britain’s 
record over the first five years 
of membership has not, how¬ 
ever, been such as to imbue the 
other members with a great 
sense of charity towards the 
U.K All too often Britain has 
appeared to be demanding 
special treatment without being 
prepared to offer the slightest 
concession in return. If the 
Community has changed pro¬ 
foundly since 1963. it has done 
so largely under the influence 
of recession and economic 
crisis. But the U.K. has also 
played its part by behaving 
more or less exactly as General 
de Gaulle always predicted. 


Letters to the Editor 



The non-nuclear 
option 

Front Mr. S. Taylor. 

Siiy-1 find it surprising that 
you. fail to include among the 
choices of nuclear reactor system 
(December 22)—none—as advo¬ 
cated by Friends of tbe Earth 
and reported in the same issue, 
la, fact, a businesslike assess¬ 
ment, of even the publicly avail¬ 
able data points strongly towards 
this option. 

Nuclear power stations have 
beep shown by Amory Loving to 
be about the worst possible buy 
among many energy conserva¬ 
tion and supply options. This 
realisation must eventually dawn 
here m. tbe U.K. as it surely has 
overseas. 

Even supposing that there 
remained any market for 
nuclear power stations outside 
those nations able to build them 
for themselves, the chances of 
the U.K. being able to win and 
carry out orders at a profit must 
be aero. The advanced gas- 
cooled reactor is still far up the 
learning curve and its costs are 
far greater than those used to 
Justify the orders due to long 
delays in commissioning (up to 
eight years), large cost over¬ 
runs (leading to bankruptcies), 
down-rating and low availability. 
Your claims that the completed 
stations are “ working satis¬ 
factorily" and are “producing 
power economically ” therefore 
rrouire much more justification. 

Even assuming that the capital 
Cost penalty of an AliR versus a 
pressurised water reactor could 
be overcome thy subsidy), the 
notwork of patents and agree¬ 
ment!; with thf* US. would almost 
certainly be used to block any 
sale by the U.K. This las! factor 
must be utterly dominant in the 
case of tbe PWR. I cannot fore- 
ice anv circumstances when the 
US. would allow the U.K. to use 
licensed know-how to win a PWR 
order save possibly for construc¬ 
tion in the U.K.. Even then, any 
such involvement would only be 
on terms which ensured that the 
US. supplier# made a prefit 
from their share while the U.K 
made up the inevitable losses. 

Conversely, tbe U.K. is in a 
very strong competitive position 
in fossil fuel technology—most 
notably in respect of the 
fluidised bed eombustion of coal. 
This ii acknowledged even by 
the U S.; which is funding suh- 
stiDTlal further research and 
development (and acquiring the 
results of earlier work) here in 
the UX Moat Importantly Tor 
energy conservation, this tech¬ 
nology can be applied at any 
Male from power nations to 
domestic, central heating with 
less pollution than (direct flame) 
oil-pr gas. This minimises losses 
in - conversion and distribution 
tnd thus avoids the shortage of 
coal' forecast by the Department 
of Energy (reported elsewhere 
In the salat issue). 

S. R. G. Taylor. 

I*. The Voir. 

JnpatesfoTMr, 

Essex. 


that If such pensions are in¬ 
cluded in the tax many retired 
persons, including civil servants 
and members of the very 
wealthy pension funds such as 
the miners and railwaymen, will 
be required to pay. 

Regardless of pensions, how¬ 
ever. a widow with nn annuily 
of £5.000 per annum or a man 
retired on his life's savings 
invested to yield £5,000 per 
annum with the added value of 
other forms of “wealth" will 
be caught by tbe tax. 

All these points, and others 
as well as those made by Mr. 
Knight need comment in‘order 
that ordinary people may have 
some idea* of their future under 
the proposed tax on- wealth. 
Unfortunately many persons are 
under the impression that the 
tax will apply only Jp the very 
wealthy, but as 1 have tried to 
demonstrate in fhis letter 
£100,000 will easily be reached 
if all forms of wealth are 
included. 

D. H. Roper, 

Heath End, 

The Common, 

Chipperfield, Herts. 

Any advance on 

£ 100 , 000 ? 

From the Assistant General 
Manager. Standard Lije 
Assurance Co. 

Sir.—In bis letter (December 
291 “What is Ytfealth." Mr. Knight 
asks what might be considered 
to be tbe capital value of :*n 
Index linked pension uf. say, 
£5,000 p.a. 

No problem—if you know nr 
think you know, at least, sex, 
race, age and thus rates of mor¬ 
tality plus rate(s) of interest, 
rateis) of indexation, pension 
age (if greater than age) ana 
expenses of administration. T o 
open the bidding how about a 
range of £0-£l 00,000. 

Drew Lyburn, 

P.O. Box .Vo. 62. 

3. George Street, 

Edinburgh. 


Surprise in 
the market 


What is 
wealth? 


toper. 

Kninbt IP 
■ on the proposed 
?cember 29) asks 
the capital value 
of £5,000 per 
-visj-'.nn of this ta * 

o a multiplier, of 

■nod thus giving 

capital value of 
dei to other 
a R9 an owner 
and contents the 
figure of 
will ««ly w 
follow# therefore 


Front Mr. B. Marker. 

Sir^-1 write concerning Mr. 
P. C. Baker's letter (December 
29) on the subject of the 
efficiency of the market Mr. 
Baker wrote: “ - - • the views of 
the proponents of the eBiclcnt 
market are difficult to ”fut 
when applied to the leadjpg mar¬ 
ket capitalisation slocks- 

If Mr. Baker is correct how 
does he explain the total surprise 
with which the market received 
the most recent quarterly result# 
of ICI and the final results of 

Churrinstou- These two 
companies are certainly id the 
top 100 and arc probably as fully 
researched as any other company 
and yet no analyst got within 
£5m. in his guestimatci of wjjj 
figures. If the market were 
efficient the profit# as "n^nced 
would have becn * ullj .-it 

counted by the market which 

would not have moved on ihe 

respective announcements. 

Brian Marber. 

Firemorcft, Randolph Close, 
Kingston Hill Surrey. 

Sprinklered 

premium 

From Mr. R. Masters 
Sir.—The article by your 
insurance cerrespondem heaaed 
»<a» selective on sprinKior* 
was quite informative but he 
d« s miss the mam polnt of 
Installing such equipment Tb 


saving in-, premium is quite 
dramatic, in many cases the 
premium for sprinklered risks 
can be as little as 10 per cent, 
of that for a non-sprinklered 
risk, everything else being equal. 

A further point, in my 
view even more important, is 
that the premium is stabilised. 
Generally speaking, insurers do 
not increase their rates for 
sprinklered risks whereas non- 
sprinklered risks receive their 
close attention, there being 
annual adjustments in many 
classes. 

R. C. Masters. 

Price and Pierce (Insurance 
Broking), 

SJ, Aldwydi, W.CX 

Tariffs on 
apples 

From Mr. A. Hilton. 

Sir.—As a fruitgrower may I 
comment on the letter from Mr. 
D. P. Mead of the Federation of 
Fruit and Potato Trades (Decem¬ 
ber 28). 

' The song and dance created 
■over tariffs on apples by the 
Importers in the U.K this year 
not only resulted in bringing in 
more apples than the market 
warranted but, by its very pub¬ 
licity, gave yet one more twist 
to the screw of consumer resist¬ 
ance. A resistance daily being 
.encouraged by all sorts of people 
with no thoughts as to the 
damage caused to producers and, 
ultimately, to the very people 
they seek to protect. 

As to apples. The one variety 
that has been really short this 
year has been Cox's Orange 
Pippin, the main dessert variety 
and tbe market leader. • The 
importation of apples from at 
least 18 different countries had 
little effect on tbe prices of 
Cox's, but oversupplied the mar¬ 
ket with other varieties. This 
caused considerable damage to 
growers with a crop of these 
Varieties but did little to help 
the consumer. 

- The plea to extend the aboli¬ 
tion of this tariff to July 31, 
‘1978, is sheer lunacy. If granted 
this will likely result in an over¬ 
supplied market in August 1978. 
This will not only cause great 
loss to tbe wholesaler and re¬ 
tailer but, more importantly, it 
will severely damage the start 
of tbe 1978 English season. 
Grower# with heavy losses from 
lack of Cox’s this year will be 
looking to 1978 to provide the 
wherewithal to keep themselves 
and their workforce in being. 

Mr. Mead gives the Impression 
that his organisation is entirely 
composed of knights In shining 
armour fighting on behalf of the 
consumers. He has no sole 
right here. AI1 of us are depen¬ 
dent on the consumer. If growers 
however were to be run 'nlo the 
ground by stupid tariff policies 
.promoted with tbe full glare of 
publicity for selfish ends tt 
would benefit no ope, least of 
all the consumer. 

A. D. M. Hilton. 

Perry Leigh, 

Sellng. Paversham, Kent, 

Scrap exchange 


be no “reserves** or "deficits" 
but merely a true market price of 
sterling. 

No doubt the interventionists 
will throw up their hands in 
horror at this suggestion, crying 
“ capital will flow out across the 
exchanges,” “there will be no 
investment in the domestic 
market," “ the exchange rate will 
fall,’* “ we will lose control of our 
own economy," etc., etc. 

Allow me just to point out that 
the complete dismantling of the 
exchange control apparatus in 
fact would hand back part control 
of the economy and the exchange 
rate to the people, to all the 
people, not just the interven¬ 
tionists. 

Charles Smedley, 

25b. Bolton Gardens. S W.5. 


tional requirements. 

Tlis move will not affect pub¬ 
lic counter services, where cus¬ 
tomers’ needs would weigh 
heavily in the choice of sites. 
Mr. Thomson is, therefore, un¬ 
kind to suggest that a sorting 
and administrative head office 
commands the same siting 
priority. 

Peter H. Young. 

Post Office Central Headquarters. 
23, Howland Street, W.l. 


controls 


‘From the Chairman, 

The Chelsea Group of Young 
Conservatives. 

Sir,—-Further to your leader of 
December 29 there seems to be 
one main point which is of vital 
Importance when discussing the 
effects of North Sea oil and our 
debts. A free and floating 
exchange rate 1# possible. - 

If tbe Government scrapped 
all exchange controls and allowed 
a completely free float of 
sterling, after an initial period of 
sharp fluctuations, there would 


Fairly quick 
thinking 

From the Director, 

National Institute of Ectmomic 
and Social Research 

Sir.—Joe Rogaly commends 
the Government Statistical Ser¬ 
vice for its new measures of 
poverty: these take into account 
family size as well as income 
and show that “there is less 
inequality than the raw figures 
suggest." (“Tbe New Social 
Trends this Christmas." Decem¬ 
ber 20). When, however, he 
goes on to credit the new 
approach to seme Indian and 
American authors, I wonder 
whether he is not doing an in¬ 
justice to the authors nearer 
home who developed these 
measures. May I remind Mr. 
Rogaly what he himself wrote 
only nine months ago (March 
15): “Inequality may be iess 
marked than ' many suppose. 
Some new work by G. C. 
Fiegehen and P. S. Lansley of 
the National Institute of Econo¬ 
mic and Social Research, pub¬ 
lished to-day. indicates that tbe 
poor look comparatively less 
badly off if you count the size 
of families as well as their 
income." 

Nevertheless, It is gratifying 
to see that our research results 
have so quickly passed into 
official thinking. 

G. D. N. WorswicX. 

2. Dean Trench Street, 

Smith Square. 5.W I. 


‘Less than fair’ 
to Post Office 

Froth file Director. Public 
Relations, The Post Office 
Sir.—Mr. F. Thomson (Decem¬ 
ber 21) accuses the Post Office 
of being undemocratic on the 
siting of a sorting office in Wat¬ 
ford, hut your readers should 
know he is being less than faii>- 
especially when be departs from 
the facts. 

Although in the early 1960s we 
Intended to build a new sorting 
office in central Watford this 
proposal was abandoned when it 
became clear that the site was 
inadequate for a mechanised 
sorting office. However, we 
never at any time “promised" to 
build a sorting office on a site 
clo^e to Watford Junction sta¬ 
tion. 

The “ ideal" site Mr. Thomson 
refers to in his letter does not 
belong to tbe postal business, It 
belongs to the telecommunica¬ 
tions business who have' plans 
for its redevelopment. 

Your readers may also care to 
know that we do plan to form a 
combined letters and parcels 
office in Ascot Road. Watford. As 
with most businesses, choice of 
sites for new premises is 
generally limited and ultimate 
selection has to be based on com¬ 
mercial judgment and opera¬ 


Effect of a 
wealth tax 

From Mr. D. Robb. 

Sir,—The proposed wealth tax 
is a splendid example of cutting 
off one’s nose to spite ODe's face. 
. Tbe only thing that will avert 
massive long-term unemploy¬ 
ment is the creation of new 
enterprises requiring labour. The 
best way to easure that such 
enterprises are not started or 
enlarged is to impose a wealth 
tax. 

D. B. Robb. 

The Ofd Vicarage. Burbage, 
Marlborough, Wilts. 

The best 
burners 

From Nr. Jf. Noft. 

Sir,—Asia experienced bonfire 
operator may 1 say that Mr. 
Richard Gordon (December 29 ) 
is wrong. The best paper for fire- 
Ughting is old telephone direc¬ 
tories. They have inevitably 
bocn in use for months, if not 
years, and are well-matured. 

Old copies of the Financial 
Times (and other newspapers) 
should be given to the Boy 
Scouts nr other good causes. 
They will usually collect them, 
and they will use them profit¬ 
ably. 

Robert Nott, 

EnglefieUi Cottage, 

Hv/rtmore, 

Godaiming, Surrey, 

Shining 

light 

From Mr. E. Lambert. 

Sir,—You write (December 24) 
that the Financial Times is the 
least suitable of all English 
newspapers for lighting fires. I 
agree. But—it is the most suit¬ 
able of all newspapers, English 
and others I have tried, Jor 
cleaning the windscreen and 
windows of my motor car. 

Eric T. D. Lambert. 

Drumkeen. 

Carrickmines, 

Co. Dublin. 

As wet as 
all that? 

From 3fr. R. Roe 

Sir.— Mr. Shane ■ Guebenlian 
(December 30) and other readers 
may be interested in a more long 
term use for the Financial Times 
after its editorial has been 
consumed. 

Unlike my neighbours, who 
use the other national#, I have 
been using the FT to line my 
runner bean trenches in the 
early spring. Needless to say 
whereas my neighbours beans 
withered away miserably during 
the 1976. drought my own stood 
up successfully throughout that 
summer. In 1977 more of my 
colleagues changed over and we 
anticipate even more for 78. 

All T ask is that you don’t give 
up pink newsprint! 

R. VT. Roe. 

4. Madeira Watfc,- 
Reigote, Storey, 


GENERAL 

Prime Minister leaves for visit 
to Pakistan, India and Bangladesh. 

Mr. Merlyn Rees, Home Secre¬ 
tary. meets representatives of 
both Fire Brigades' Union and 
local authority employers. 

Kent and South Wales miners 
reconsider their attitudes to pro¬ 
ductivity schemes. 

| Union officials and Swan 
I Hunter shop stewards expected to 
i discuss increasing working flexi- 
1 bility of company’s outfitting 
r tradesmen, in effort to settle their 
overtime ban. 

i One-day trial trading on new 
j Hong Kong silver commodity 
market prior to its official open- 


To-day’s Events 

ing on February 1. 

Oxford Farming. Conference 
begins, Oxford Town Hall (until 
January 5). 

OPERA 

English National Opera produc¬ 
tion of The Magic Flute, Coliseum 
Theatre, W.C4, 240 pan. and 
740 pm. « 

BALLET 

Royal Ballet dance Swan Lake, 
Covent Garden, W.CL2, 740 pm. 

London Festival Ballet perform 
The Nutcracker, Royal Festival 
HaH, SJBul, 3 pm. and 740 pm. 


LUNCHTIME MUSIC 

Mary Mee (soprano) and John 
Mee (organ), St Michael, Corn- 
hill, E.C.3, l pm. 

EXHIBITIONS 

Michael Rowe sculptures in 
silver. Crafts Advisory Committee 
Gallery, 12, Waterloo Place, 
S.WJ. (until January 21). 

Exhibition of Pacific Island 
stamps, Gibbons Gallery, 399, 
Strand, W.C4 (until January 31). 

Laser Exhibition, Science 
Museum, South Kensington, 
S.W.7 (until January 31). 

SPORT 

Tennis: British junior covered 
courts championship. Queen# 
Club (940 am.). 




The new Westerly 35, launched December 1977 


At theBoat Show, 
steer for the star: 
Westerly. 

Westerly are way out ahead. 

During the last twelve months, they have left competition even further 
behind on all counts: range, sales performance, new models and export 
success. 

Westerly now offer a range of eighteen sailing boats. It includes racers 
and cruisers, from 21ft to 36ft. , 

Every single boat is delivered with its own Lloyd’s Register Certificate 
—your safeguard of good building. 

Every model has been designed by Laurent Giles and Partners, using 
the latest ‘state of the art’ techniques, and is backed by a real after-sales 
service. , ,. 

Lovers of family sailing will find exactly the boat they’re looking for 
in this range—the largest, by far, which any manufacturer offers. 

And lovers of corporate soundness will find a text-book picture of 
hea3th: turnover up to £7.1m., 52% of it exported; yet another Queens 
Award for exports; a vigorous development programme, with new models 
and increased production facilities planned for 1978. 

All this means that you must visit the Westerly Stan d, R lat Earls 
Court from 5th to 15th January. It will offer more powerful attractions than 
any other to sailing men who admire good business, and to business men 
who desire great safling. . 

And offering more powerful attractions is what stardom Is all about. 


WESTERLY 


Can't make the Show? Just ring us for more details and a test-sail. 
Westerly Marine Construction Ltd., Aysgarth Road, Waterlooville,’ Ports¬ 
mouth, Hants P07 7UF. Tel: Waterlooville (07014) 54511 













12 


Financial Times Tuesday 



Y NEWS 


Pru’s new life business tops £8ibn. 


THE NEW business results for services through exempt unitised picked up la the second half of contracts Is lifted to £5.50 per 
the Prudential Assurance Com- managed funds in contrast had the year. cent, of the sum assured from 

pany. the largest life company in a very successful year. Annual However, single premium bust- £5-25 per cent, and on endow- 
the LUC. for 1977 were a mixed premium business almost trebled ness in 1977 nearly doubled to mem contracts to £5.25 per cent, 
bag. New sums assured on to £Slm. from £2i>m. and single £3.47m. from £l-87m. in 1976 the from £5 per cent, in 1376. On 
worldwide life business were a premium business showed similar growth coming partly from an the closed compound series, the 
record £8.6bn. against £7.9bn. in growth to £7.5m_ from £2.7m. upsurge in group pension business rate Is increased to £4.10 per cent, 
1976. but new annual premiums These results. confirm the subsi- and partly from the success or the of sum assured and attaching 
in the year fell to £116m. from diary as the largest exempt funds company’s income and growth bonuses from £3130 per cent. Old 
£3 22 m. This is the first time for company nest to Legal and bonds. The sums assured secured series policy rates are unchanged 
some years that new annual General. by these premiums—annual and at £4.35 for whole life and £4.10 

premiums of the group have The group also reports a single—jumped to £79-3m. from for endowments. 

buoyant market in the self- £76.4m™ and annuities per annum The terminal bonus rale as 
employed pensions field, with rose by more than 50 per cent, to from January 2, 3978, is 25 per 
annual premiums rising to JE6m. £3-84m. from £2-33m. in 2976. rent. °f. attaching bonuses for 


declined on the previous year. 

Annual premiums on the Pru's 
main UJfC life business improved 
by 14 per cent, to £27.4m„ a rise 
more or less in line with infla¬ 
tion. But annual premium busi¬ 
ness transacted by its unit-linked 
subsidiary Vanbrugh 


in 1977 from 14.7m. in the pre¬ 
vious year. 

In the industrial branch, where 
premiums are collected at fre- 


the simple bonus series and 20 per 
cent, for the compound series 


T jf p quem intervals by agents calling 

dropped to flm. from £5.4ia in at hora * s of Policyhoklere, 

197? This fall arose from special f^^JL* 0 ***? neariy 

_s __»_ r_ o3m. to £32.Sm., but 


l?vfrQ finniic hv witii 311 additional terminal bonus 
Jl/ALld UU11I13 Mj of 10 per cent.- of attaching 

bonuses declared before December 


IVnrWirh T Tninn S1 - 13, '■ Previously the rates were 

30 ^ wnt and 25 per cent 
Norwich respectively with no additional 


rimimctsni'M In nnarfor oout. iu OUt SUIUS Mutual life Office, nuimui L _ 

of T5 whe? 'annual J*?** •few S™* Unions announred anj b °Thfi 


year 
premiums sales 


were especially 


to £89 lm. from £505m. “ tn annual bonus, plus a special . interim bonus rate for 1978 

to.d of to .s^raic, to SSS ou? 

•n?u,™Sd!Stion7SS.i3e ‘*F<rr the third thee, ie 14 Jto*. 

rose bv 40 ner cent. to H 35 m. premiums and annuity considers- a special bonus it bemg added to 
SiStieoremtam boWhSimS tions f9S - 9ra - «»*■■). Ordinary policyholders’ existing bonuses, 
faceted S vanbnleh was pa“- “'dividual contracts, annual pre- This bonus is on a scale depend- 
SSK- buSannumSriE bv ?oe- miums *98®- f£32Jm.). stogie Ing on how long the policy has 
th Wivw £ S fo flS premiums and annuity considers- been in force and ranges from 
AnnulW^X^^n the mS tions Alin. (£50_An.). Sums f!0 to £500, per_£l,000 of 


Equity & Law 
rates higher 

Equity and Law Life Assurance 


is 


Annuity torlneK in the mein fn^urSi 'tot TsiT^ ZatTc Snn^-SST/r 19& ontoMdS 

tsrs^&”zssi 5Rr- -«• - - WJGnssrssA 


from 


trance ted by the reinsurance gg™ fSto'/fMaS? 1 JE£ “ri»r prilcies maturing from and attaching bonuses 

subsidiary company Mercantile singe January 1 1978. the additional £3.75 per cent in 1976. The rate 

and General, rose to £12.6m. from P for h __ ll T y v ~ t:em started s — ■ ,oco fnr individual nensinn /vintraxis 

£0.8ra. in 1976. The single 5U ^ S assured £1.43bn. (glJlbn.) system, startea 

premium growth or Vanbrugh and annuities per annum £113.6m. __ 

2le7ui 2e iSStoKd i ^ctor“ d rides K2o“*pe‘r ‘ £1.00tTof sion bbnuses/rom £850 per cent. 


BIDS AND DEALS 



Aurora selling Coltiiess brick interests 


In dots nance of Its policy to The merger wiH enable 


However, the kmg term futon* 
of ferrous scrap as a key element 



NO PROBE 

Mr. Roy Hatterslcy. 


Secretary 


Holdings nas 5010 two suosiaianes —to a oegree nni paasaoie w«m ---rsr _ —^ »m.n. .Amtrmiiiw tn mr — 

and^mll reduce borrowings by both were opersting tadepen*. £,“& , %3Sf5££ "** 

same £ 600 , 000 . ently. SvSlwS. OtacST i«Uc*i1«m w w; ini ° 

A new company has acquired a anllabie wfaedwr iWdote 

Caledonian Brick in exchange for BRYA NT £ 825,000 ' 

300,000 “A" Ordinary shares and ArOtJISTTlON V 

*smAJ fc,*as' —- «2s.*i— aHJisae-sss 
Sffi " 1 of ^ ■" ~;i SiSSsr SS. £ SKSBaarJ?© 

i li* jTi W merly carried on the trade ot n JSS 1 ” - 

brickworks, «^aged m the pro- prodding data processing service* 

d assets acquired amount to Ranters Meweltere)-— 

£MOJ»0 in chiding £482,000 c«dL SKET^- 

17 “SbSi” it uSSW._J». i; SHARE STAKES 


and Smith HoWIng*' to Um 
*2 Monopolies end Mergers Commi» 
IS 5 tton. 


Jan. 3S 


SnS°SrickVorte ^ C0 . n ^» 


which produces facing bricks. The °'T^,^ S ^^ e b cne fit 


corporate financiaPairong^wmSi 


^ ™ ****<** contribution is 
of the plans to rationalise part of pi^gts is expected. 


luveresk Group: London and 
Manchester Assurance now holds 
202,000 8 per cent. Preference 


the Scottish brick'industry. 

Andited accounts of Caledonian 
for the nine months ended Sep¬ 
tember 30, 1977, show a profit 
before tax of £53.757 and net 


DUTTON-FORSHAW 
COMPLETES 

Dntton-Forshaw Group, has 


tangible assets at September 30. completed the acquisition 'of the 

«r fis*» qftOT. nt-nviriin? £366.500 I«f.k nnn. Timm Rmn, rkt 


Rightwiae and Its concertees 

» ao ™ JUSTUS* 'SS'ch Group: Scottish Northern 

shares (75^ per cent.). The offer IllWiJ | tjncnl Truxt has acquired 
is now closed. 800,000 Ordinary shares (22-5 per 

-n-rivn itTAVC cent.). These shares-wBl be held 
. IRELAND ALLOYS by the wholly owned subsidiary, 
EXPANSION Raeden Investment. „ 

Ireland Alloys (Holdings), one British -Enkatom The 27.06JBS 



wullJ in 1968 for individual pension contracts 

continues with a slightly lower « ^ed to £3.65 per cent of the 
businpR^ scale, which, for example, pro- basi^pensionand attach mg pen 

VUOlUvM __ e~AA __re mUt mf 


Individual business from over 
seas territories was disappointing. 
Annual premiums declined to 
113.7m. from £lA4m™ while 
single premium business was only 
marginally ahead at £3.1m. 

Group pension business in the 
U.K. showed a dramatic decline 
with annual premiums on the 
sension fund dropping by 


srjawaaF <ss 

^ j atter 1977 ) and ranges up to 

Mercantile 


& General 


£920 for the longest terms (£1,000 maturity claims is kept at 15 per 
in latter 1977). However, the new t* 0 *- of . attaching bonuses. The 
additional bonus scale and the company last mcreased this rate 
special bonus together are some however, the rate 

40 npr cent hi^hpr than the old of vesting bonus on wtth-profit 


Net new sums assured by the 
Mercantile and General Reiosur- 


personal pension contracts 
increased from 10 per cent. 

15 per cent, of the pension. 

main pension fund dropping by ? c j U3U /' per cent, compound (£4.00 per 9P 

sat - ^ s& tss riEiH wl 


40 per cenL higher than the old 
additional bonus. 

The annual bonus on UJC. life 
policies is raised-to a record £4JO 
cent compound (£4.00 


uuiis neiu oacx “ru« ui on new nnim . .u jw..ai , mi 

and existing schemes, but all J ^? St endowments, and £6.00 percent, 

indications are t hat this year H Za ^ (£5.80) for whole life. 

/TQTfi^ -I* 1 ill coa noncinn h„dn D « (£0^3m.) including £11.4m. in p- ns ion n n iini« »!«, have their 


on the effective premiums. 


(1978) will see pension business m Pension policies also have their 

surge ahead as the new pension SSrL°„^ mgle pram| um endow- bonus improvements. Self- 
arrangements come into opera- y. w annual nrumi,™. employed and directors’ pensions 

tiom nor j 5 . unde ^ wiU get a special bonus similar 

i- #I SS2? “ nd waiver of to other U-K. Ufe policies. Bonus 


The 


pensions subsidiary. Pro- premium reassurances 
dential Pensions Limited, which £ 2 .nim. i£2.48m) CCS 
offers investment management 


Sun Life bonus 
unchanged 


were earning group pension policies Sun Life, In contrast to others, 



Rates of deposits 

of £1.000 

and upwards for w/e 1.1.7S. 

7-day Fund 

% P-a. 

Mon. 

6.543 

Tues. 

6.543 

Wed. 

6.557 

Thur. 

6.595 

Fri./Sun. 

3-Mouth Fund 

6.655 

Wed. 

6.125 


Natl. Mutual 


will get a special bonus of 10 per Is keeping its reversionary bonus 
cent, of premiums paid. rate on ordinary life business un- 

Ln addition to these bonus changed for the two years end 
developments for conventional ing December 31, 1077 at £4.30 
with-profit policies Norwich Union Per cent, per annum compound. 
New business figures for 1977 of has produced good results with The rate for the company’s 
National Mutual Life Assurance both its managed bonds and unit flexible contracts is to be declared 
show that annual premiums for trust Its managed fund has the to-day. The rates of bonus on 
assurances Increased by 21 per top performance of funds of its the simple bonus . series, now 


cent to £2.l8m. from £lB0m., kind over the last two years, 
while annual premiums for 

annuities rose only marginally to _ # _ 

£0.7m. from £0.66m. The company Sf*Or PrflVUlPflt 
had a successful year in market- ol,ul * A lUflUCUl 
lng self-employed pension con¬ 
tracts and on mortgage-related 
endowment assurance business. Us 
main area of operation! Business 


income up 

Strong growth was again main- 


dosed to new entrants, are also 
unchanged at £4.75 per cent of 
the sum assured for whole life 
and £4.25 per cent for endow¬ 
ment assurances. 

The company has however 
introduced a terminal bonus for 
Its compound series of 5 per cent 
of attaching bonuses. Since this 


FINANCE FOR INDUSTRY TERM DEPOSITS 


Deposits of £l,000-£25,000 accepted for fixed terms of 3-10 
years. Interest paid gross, half-yearly. Rates for deposits 
received not later than 6J.78. 

Terras (years) 3456789 30 

Interest % 9J 9J 10i 10* 30i II 111 11} 

Rates for larger amounts on request. Deposits to and further 
information from The Chief Cashier, Finance for Industry 
Limited. 91 Waterloo Road. London SE1 8XP (01-928 7822. 
Ext 177). Cheques payable to “Bank of England, a/c FFI." 
FFI is the holding company for ICFC and FCI. 


LOCAL AUTHORITY BOND TABLE 


Authority 

(telephone number in 
parentheses) 


Annual 

gross Interest Minimum Life of 


Redbridee (01-478 3020) . 10 

Thurrock 10375 5122) . 

Thurrock (0375 5122) . 10 


Interest payable 

sum 

bond 

% 


£ 

Year 

10 

4-year 

200 

4-7 

9f 

4-year 

300 

4 

10 

4-year 

300 

5-7 


tained in new Ordinary annual I 6 ™ 8 ^ ^ een “ /® rce , a 
premiums at the Scottish Prori- £ ew **»*■ torna will only 

dent—up 19 per cent on the 1976 S? P ai „ d ° n death , dis¬ 
figures. Tbe terminal bonus for the 

Mr. Joe Macharg. general series is lifted to 25 per 

manager, said that a big increase £? nt ~ of af tariung bonuses from 
in individual pension arrange- . “ nL .. ___ 

merits has sustained the figures * ^i»«i ture L^ ,e conipany intends 
for scheme business which has I® declare bonuses on an annual 
had to contend with ail the un- ^ eTC T>', tw > years, 

certainties and restrictions V?* i'_^i ead t0 a Z as,er T eet ?^ 


*V«»u ivuuim m _.. __, __ . . 

affecting pensions rate for SJUne tonius leveL 


recently 
schemes. 

New net premium income was: 
Annual—ordinary business £4.4ra. 
(£3.Tm.); scheme business £4.7ra. 
(£5. Ora.); and Single £5.0 m. 
(£U9m.). . Net new sums assured 
totalled £373m. (£368m.). Net new 
annuities were £21.5m. (£22.9m.). 


Scottish 

Mutual 


Scottish Mntual Assurance 
Society announces that in 1977 
new annual premium income 
written was up 23 per cent on 
the previous year to £5ra. (JELlm.) 
and single premiums and annuity 
considerations ’ • were £LSm. 
(£35m.). 

^ Corresponding 'net new life 

Guardian Royal Exchange sums assured was £195Jra. 

announces increased rates of (£lS4_7m.), the gross new life 

reversionary and terminal bonus sums exceeding £200m. for tbe 
for most UJC participating life first time in the society’s history, 
policies. The reversionary bonus New pensions and annuities 
for 1977 on Individual whole life were £l3.8m. (£7Jm.). 


GRE bonus 
increased 


All of these securities having been sold, (A is announcement appears as a matter of record only. 

NEW ISSUE December 16,1977 


2,500,000 Shares 


Sea Containers Atlantic Ltd. 


$1.4625 Cumulative Preferred Shares 


Blyth Eastman DULen & Co. 

Incorporated 


The First Boston Corporation 
Goldman, Sachs & Co. 


Bache Halsey Stuart Shields 

Incorporated 

Donaldson, Lufkin & Jenrette 

Scctrritiu Corporation 

Hornhiower, Weeks, Noyes & Trask E. E Hutton & Company Inc. Kidder, Peabody & Co. 

Incorporated Incorporated 

Kuhn Loeb & Co. Loeb Rhoades & Co. Inc. Paine, Webber, Jackson & Curtis 

Incorporated Incorporated 

Reynolds Securities Inc. Smith Barney, Harris Upham & Co. Warburg Paribas Becker 

Incorporated Incorporated 

Wertheim & Co., Inc. Dean Witter & Co. Shearson Hayden Stone Inc. 

Incorporated 

Basle Securities Corporation 


ABD Securities Corporation 
EuroPartners Securities Corporation 
New Court Securities Corporation 
Daiwa Securities America Inc. 

Nomura Securities International, Inc. 

Yamaichi International (America), Inc. 

Suez American Corporation 


Robert Fleming Kleinwort, Benson 

Incorporated Incorporated 

SoGen-Swiss International Corporation 


The Nikko Securities Co. 

Id lunations]. lac. 

Vereins-und Westbank 

AkUuigiMlMhiirt 


Cazenove Incorporated 



or £354,382 after providing £366.500 Byers Dunn 
in respect of deferred taxation. Sunderland 
The investment in Caledonian by the issue__ 

which is held by Ca Iced on Invest- scares and £78,538 . th - __ _ nfinn 

merits (a subsidiary of Coltness) BDTs pre-tax proht for the (together _ in }««' 

at end 1976 amounted to £494,892 year t0 September 30, 1977, was ? cq , u ^f Trast* United Kingdom 

which will be tbe value attributed £ 33,426 and net tangible assets at Ireland and Fermac. one of the Berry Trnst. United KiliauTO 
to the share hokline in the new- date £765,7^ leading fcottish fendus scrap Temperawe and Ge ^ra l 

company berore taking account of Dutron-Forshaw estimates that £™“? ors ’ Jffi 1 °2L2!3L £?oS 
the trading results of Caledonian properties worth £500.000-win be Metals, a steel stockholder and 1.265,000 Ordinary snares («-s P«r 

f0r 1957 - ^■a t £. 0 SS? t igIiS SK£5 "33 SSTfSk currently “ctorte. HID of Brbtol: 

IVf ACFART ANE the net cost of’the acquisition to has three works locations in Insurance (UJ^.) now holds lea 

StsSfufec E SSimd E&,00a Cenlnl Lanarkshire of which It th m.5 p er. OT t of to Ordinary. 

PURCHASE elsewhere in the group has will continue to operate two. Wilson Walton Wilson 

For £350.000 Macfariane Group ^StiyenabledD □ tt on-Forshaw Mr. Austin Merrills, chairman Walton Imemartonal (Holdings) 


$ 


ENT 


ISSL 


IQ 


(Ctansman) has acquired tbe tQ ( jj Spo? - e 0 j surplus assets at of Ireland Alloys, comments that sold 25,000 Ordiuaryritares at KJp 


capita] of' Factory Maintenance fj r a total of^dm. the past year has been un- on December 29, reducing hokS 

Services (Glasgow). The con- -p^e policy underlying these precedentedly difficult for ferrous ing to 1,402,oOO shares (29.65 per 
sideration comprises £175,000 cash transactions is to consolidate the scrap processors as a result of cent.), __ 

and 282J25S Ordinary shares. position by strengthening fran- the worldwide reduction m steel Tosco Stores 'DoraIngs):_ Tbi 
Net assets at October 31, 1978, chises in the more profitable production. This has led not only sale of a further 300.000 snares 
were £69.000 and pre-tax profits highly populated areas. It is to a drastic reduction In the price announced on December 2 was of 
for 1975-76 were £89.000 prior to estimated that the net effect of ferrous scrap but to an equally non-benofleia! shares from a 
charging directors'emoluments of should be a more efficient market drastic reduction in the require- charitable trust of wnichMr. I* 
£66.000. position leading to a - higher ment of steel-makers for scrap. Porter and Mr. H. Krcitman are 

It is expected that pre-tax return on the capital employed No short term improvement can the trustees. The price was 44p ,*■ 
profits for the year to December return on the capital employed by he seen in the situation. per share. 

31. 1978, will be in the region of the group in vehicle distribution. - - 

£150.000 after directors’ remunera¬ 


tion. 


APG ACCEPTANCES 

The offer by BTR to acquire the 

phtl^s lets 

OFFER LAPSE accepted by holders of 16.345,380 

The offer by Philips Electronic ^PG Ordinary shares. BTR now 
and Associated Industries for 0U -n 5 or has acceptances for a 
Electronic Rental Group has tota ] 0 f 15 , 455,380 Ordinary shares 
lapsed. ISL7 per cenL of the capital). 

Acceptances have been received The offer has been extended to 
in respect of 82,580 shares (0.11 January 13. 
per cent.). Philips did not acquire 

any shares during the period. * ccnrTATPQ Til?AT C 
prior to the offer it held 30.08 per ASSOLAAI UtiVL^ 
reuL of the capital. On December 28. Caawtove 

purchased for the account of 
nrrn a civtlTH Gibbs Nathanial, 15.000 A. J. Mills 

The offer by S? R5» Inter- 

national for _ the Ordinary and purc hased 150.000 Ordinary shares 
S^i«. ren< rrnMh. r M iiMn In George Dew at 186p for Adrlaan 

dStored *1S£*A Volker Group (UJC, and its 

December SO valid accapetances associates. 

had been received for 5 , 703,303 _ 

Ordinary (70 J9 per cenL) and DEUNOI ACCEPTS' 
176^87 Preference (84.4 per Hie revised offer by Rightwlse 

cenL). The offer remains open, for Deundi Holdings has been 
Fotiouing the announcement of accepted in respect of 142.452 
the offers. SL Regis purchased shares (27.4 per cent), 
l.aara. Ordinary of Reed and 


BANK OF 
ZAMBIA 


With effect from January 3rd, 

the London Branch of Bank of Zambia is moving 
to Zimco House. The new address will be: 


Bank of Zambia, 

c/o Zambia National Commercial Bank Ltd., 
Zimco House, 

129-139'Finsbury Pavement; 

London EC2A1NA. 

Tel: 01-588 4382 
Telex: 883951 ZACOBANK 


FIXED 


‘‘RiGHT 


Smith at 63p per share net and 
therefore now owns 7.253.203 
Ordinary (90J per cenL of the 
total). 


COHEN BROS. 

The BICC offer for Cohen Bros. 
(Electrical) has been accepted by 
over 93 per cent It has become 
unconditional and remains open. 


LEP GROUP 

With effect from January 
Lep Group bas merged its two 
UJC. insurance broking sub¬ 
sidiaries—Lep Insurance Brokers 
and S. H. Cannon and Company 
into a single operating company 
known as Lep-Cannon. 


ISSUE NEWS 


Over £1.5bn. 
new money 
in 1977 


Statistics compiled by the Mid¬ 
land Bank show that the amount 
of “ new money" raised in the 
UJC. in 1977 by the Issue of 
marketable securities (excluding 
borrowing by the British Govern¬ 
ment) was LLSOO-Sm., exceeding 
the 1976 figure by £72 ^m. to 
become the second highest total. 

The amount raised by com 
panies declined for the second 
successive year, by £213.6m. to 
£947.3m. Rights issues continued 
to be the most popular method of 
raising finance, being responsible 
for £797.9111. or 84 per cenL of 
company issues. The largest 
single rights issue In 1977 came 
from Commercial Union which 
raised £76m. Other large rights 
issues were made by Guest Keen 
and Nettlefolds (£57m.). Tube 
Investments (£4lnO, BOC Inter¬ 
national (£4lm.) and Consoli¬ 
dated Gold Fields (£4lm.). 

Five per cent, of total company 
issues was specifically designated 
for overseas use. This included 
£17m. by Allied Irish Banks—the 
largest ever by an Irish public 
company—£ 15m. by United Bis¬ 
cuits and film, by Tube Invest¬ 
ments. 

New money raised through the 
issue of Preference capital fell by 
nearly a quarter to £34m. 

Issues by public bodies 
advanced from £303m. io £544m.. 
a new record, which was one 
quarter more than the previous 
highest of £422m. in 1974. Local 
authorities were responsible for 
most of the rise, taking their 
total up from £286m. in 1976 to 
£512 m. 


W. L. PAWSON 


Acceptances received in respect 
of the recent rights issue by 
W. L. Pawson and Son amounted 
to 1.664.173 shares (95.09 per 
cent.). The balance has been 
sold and proceeds .distributed to 
entitled shareholders. 


FT share 
service 


The following securities have 
been added to the Share Informa¬ 
tion Service appearing in the 
Financial Times:— 

E. F. Hutton and Co. Inc. (sec¬ 
tion: Americans and Overseas- 
New York). 

Sandhurst Marketing (section: 
Industrials MisceL). 


EUROBONDS IN 1977 


BY MARY CAMPBELL * 


A notable year 


ALREADY by last autumn it had to be a ballooning of new issues months and the dollar yield gap 
become plain that 1977 would be as borrowers rushed to raise is still favourable, 
a record year for Eurobond funds while the going was still On the other hand this is not ’ 
issues, if not for the inter- good, such a rise might well have expected to cut back the level 
national.bond market as a whole, been . sufficient within a short of activity, much of it expert- 
At over $14bn n the value of period to cause investors to mental, in other currency sectors,. 
Eurobond issues in tbe first switch their funds temporarily which has been a major feature 
three-quarters of the year bad into short-term deposits in the of 1977. An excess of initial 
already outstripped new Issue hope of getting better long-term enthusiasm by issue managers 
volume in the whole of 1978. rates later. has for-the time being swamped 

Foreign bond issues (that is That this did not happen until the sterling market which opened 
issues by foreign borrowers on fte autumn, and then only with up in tbe autumn on the back of 
domestic capital markets, as considerable help from currency international demand for gilts; 
distinct from Issues made Inter- factors, was due partly to the tbe potential for a Euroyen mar- 
nationally) were rather less than large gap between, short- and ket to currently "rifled by tb# 
in 1976, but this was largely due long-term rates early in the year Japanese authorities’ require- 
to the lower level of Canadian and partly to the fact that it is ment that only international- 
borrowing ou the New York dear only with hindsight that financial institutions may make, 
market rates were rising inexorably. Euroyen issues. The Canadian 

The high new issue volume ; The narrowing of the dollar dollar is. at least temporarily, 
was a considerable achievement yield gap and the sharp rifce in not a runner, 
in a year when short-term dollar short term rates was already, by -But with some four issues and 
interest rates were almost con- September, eating into the assorted fixed rate placements 
tlnually rising, a year, moreover, market's appetite for dollar scheduled for each .month, tbe 
characterised by currency bonds. However, the main in- yen foreign bond market is no 
turmoil to a degree not seen fiuence during the fourth quarter longer to be despised .while the 
since 1973. Indeed, the bald was tbe weakness of the dollar issue managers say that the 
figures for new issues give a against other currencies. This cut sterling market will be rerived 
false impression of the re cep- back its share of new issues to after the dust has settled; And 
tirity of the market. under 40 per cent of the total; the Canadian dollar could' always 

In almost every .currency between January and September be revived, 
sector, unpredictability was a it had accounted for 65-70 per The widening currency options 
major feature—issue managers cent give bond market professionals 

could not be sure from one At the same time D-mark a hedge against currency un¬ 
month to the next whether denominated issues surged ahead certainty. [When there is no 
demand for bonds would dry up, on.currency considerations alone business in' .one currency they 
nr whether a new twist in the particularly after the Bundesbank can expect to make money in 
interest rate or currency situa- in mid-December blocked other another.' 

tion would suddenly. provoke a avennes by which foreign money Since the last dollar sector 
surge into one particular type of could flow Into the D-mark. depression, the market bas also 
bond. As 1978 opens, the main developed a hedge ■ against high 

in the secondary market factor in the market continues interest rates in the form of 
equally, while on occasions it to be uncertainty on the future floating rate notes. Although 
became obvious that every issue of" the dollar. Major Eurobond the bulk of floating rate Issues 
made in any single sector was houses say that if and when in the past couple of years have 
going to move to a discount it is thought that the dollar has been made by banks (whose 
immediately after being bottomed out there will be a main concern in to secure king- 
launched. 1977 was a year when surge in new issue volume in that term money rather than tow 
forecasts were constantly being currency. There seems to be no interest rate-money), there are 
dl ?Sr ov l d - ^ , . shortage of borrowers and it is other obvious candidates in the 

,r*Z? e .£ harts °?‘ ow tilustrate, for generally accepted that tbe vast shape of entities which have 
the tw<i factors which most bulk of international funds is traditonally relied on -bank loans 
affect the International bond fnndamentally . dollar denomi- f^- medium-teixa floating-rate 
business dollar interest rates nated funds. funds. The expansion & this 

(and the gap between short- and If the dollar were to stabilise, sector durine the cominiz Tear 
long-term dollar rates) and the the-main concern of Investors Kkriytobf a^te^edVS 
exchange rate for the dollar wpuld revert to the Interest rate IncrSki aiSta^e Srixig 
against the Dm ark and the Swiss front. When the dollar stabilised j OTof dovefo^rau otriSu 
P* trends shown up in in 1973 tbe market was depressed b^era on ^ ESM 
the charts go far to explain the by rising UE. dollar rates; now, S • . 

problems which bond market while U.S. economic activity is in the un«rn>ptod «ent of 
^ortTermVq^^r"' *- B0 “““ ■*¥““«. U.S. continSjg ^SSSJn^TtS. 

to*S27i2 5£«LK?! IJHJS2 ?*ed S! aoiKctor. 


fcWorU | 



Uni 



9% 


Yield to maturity on the 
I Bondtrade Index of 


-MEDIUM TERM EUROBONDS 

r\ 


.LONGTERM 

EUROBONDS 

V 



5-M0NTH EURODOLLAR 
INTER-BANK BIO RATE 


■MB ns IUB m 




-L 


Jter son lm apo an* pct sot bbc 

















Tines Tuesday January 3 1978 / 

Priding dividends 
$ timetable 

tire datts when .some of tie 
’-. ~ r '. wore Important eompanj divide©*! statements may ne expected in' 
■.' 3 the next few. weeks are gives , in lie following table. The dates 
■ shown are those of last years announcements esoept where the 
forthcoming Bottd meet lags (indicated 7 thug*) have been officially 
V published; It should be emphasised that the dividends to be 
declared will notjiecessarUy be at the amounts or rates percent. 
. ihoV'A ?h€ CwUVD-w&d^d AoqouQcem&Dt last year," Preliminary 
i. pro&i figures usually accoropsoy final dividend announcements. 




INTERNATIONAL COMPANY NEWS 


MINING NOTEBOOK 


A mellow post-prandial 
peep into 1978 


; Alexander* . 

DkoonoL 

, •jUUfd 

- Breweries., 

AVP .. 

BAT Inds.__ 

■Borfafort 

- (S.andW.>. 

BET. 

Brown iJobn) _ 
«BuU«rfleld> 

Harray.. 
Dtolan .......... 

OACC1 .....HMIUS 

Dixon* Aoto. - 
DOWty Droop ., 

•gn^Uh-CMu 
1 ' CUM 

I jpin* wwn 
, fljifetner-.-.— 
emu 

.Metropolitan.. 

Gqpeen *wt. 
H»An Tnm .. 
I Hjdwmantf 
• WektL. 

aHo*! KoUnson. 
r i*mnerlat Group. 


..Ju 20 
.Jon, r? 
.JPrt. 8 

—Tan. M 
..Pah. ft 

. Jan. 13 
‘Jan. 38 
Jan. 30 


Jan. 13 
Jan. 9 
;•?<*. r 


Auwwtea- 

menL law 

Mir 

Final 0.32V 

WMia.awt 
tat u 

Pinal 4.723 

Pinal 3.71 
lot. LM 
InL 3.6 

lot. 1 

tnttms 

rots 

Im. 0.831 
XM.1J8 

Final 1.3433 
Ibt U4t 
Final l.»M 

Flo* 13.4MT 

int.J.s 

lot e.s 
Pinal 1B3M 

Int. I. 2 S 
Final S.Sia 


Atmonnc*- 
meat law 

_ . mi 

Jbchcape ........ Jan. *7 Int 8.813 . 

Land and 

, House Prop^.Dec. 31 Final 2.(8 
•Lloyds Bank ...-.Feb. 17 Final MSI 
Magnet and 

Southerns.. Jan. IV Ira. 3 
■VcCo round ale .Ju. u Final 8.7S ' 
HIM Holding* ..Jan. 27 Int. 3 cento 
•NatWew Bank ...Fob. 58 Final 5.808 

_Jan. Sr See.iM. 2 j/ 

Prestige-„Fei?. l Final 3JS 

Prop, ate. 

. tor. Tit.. Job. s Int 3,458 
■Bank Orga. .....Jan. a Final tUN' 
"Scot and Her. 

Brew*.. Jan. U Int U 
Scot Utd. tor. Feb. 5 Final U 

•SGB -Jan. 10 Final WO* 

•Stock 

ConvenJoa.. Jan. IS Int. 0-8113 
Tata and Lyle -Jan. 35 Final J.7J 
“Thorn Klee. —Jan. is Tot. 13275 
Union Discount. Jan. 10 Final 11S78 
Wagon Finance., Jan. 28 Final 3.73 
yard IT. W.) ..Jan. A Final 2.437S 
•Westland -Jan. * Final 1.82433 

■ • Board nteettne*'- Intimated, t Rights 
inane since made. : Tax free. } Scrip 
lraoo stnee mad« bum reserves. 


Quiet week in dollar bonds 

. fcY FRANCS GHIUS 

THIS DOLLAR sector of the against the dollar. Citicorp Overseas Finance NV to 

market was quiet last week After a very good week, the to floai a SwJETs.l30m- bond in 

although trading was not as flat DM sector was very quiet on January to be led by UBS. j r ^ —- — m 

as many dealers had expected. Friday as dealers balanced their Maturity of the bond- Is 15 years 

Prices in the secondary market books for the end of the year, and the coupon 4J per cent This BY LODESTAR 

remained firm despite the weak- The strength of the market is first bond to bear such a ___ 

ness of the dollar. enabled Baverische Vereinsbank low coupon, other recent bonds A FORTNIGHT ego I set the gatherings who merely succeeded, “ I remember similar exercises 

JHSJT a ° MO^Tan-™ SjE SJEl. Sjg £“£ ‘4^ ££ fc?tl5"J??£5£ of STSA'S VjUS&’SS US& ®* “** 

*° nd 7 ° r by Eareav *° lcdl “ led h 7 » “ nt ™ 7 gS*Sj bor ‘“•'“S ta te'hS 1 , ar£SS?'toSiS 

H^ifupb^. SSm^SSS 8? ne b0Dds were pnted at !££ SSJLSLSr ^Tg&r-sri, ffi SK“ oU,envise qui,e 8 p,easam 

is 8 * per cent, average life S.7 The only new issue announced Mexico's Banco Nacional de able to bask in tbe warm glow We then established that our always be worth picking up on the 

years and the issue is expected last week in this sector was the Obras will make a YlObn. lOyear of its 3977 perspicacity even stockbroker friend who had done inevitable setbacks caused when 

to be priced at par. DM200m. five-year bullet for the private placement in early though there was one regrettable 50 well out of Bandrontein had the lively anti-uranium brigade 

Sterling denominated bonds Kingdom of Norway, which Is January through a group of absentee, our well-known money- no intention of going back into' down-under are indulging in one 

were up by half to three-quarters being managed by Deutsche banks led by Nomura Securities, maker in chief who had not after them after their further rise. But of their louder drum-beating 

of a point on the week, helped by Bank. The coupon is 8 per cent and a ” returned from his sojourn in he was sticking to his Buffelsfon- exercises. 

the good showing of sterling In the Swiss Franc sector the bonds will he priced at 993. th ^ sun - ... _ . “Jj 

_______ — However, I did establish by sa*d he would do m July with a opinion when it came to Aus- 

Cl! «.i. T/^T Pi* 1_ A. Dnnnnni^A telephone that, as we suspected, purchase of ERGO, “an industry traUao coal shares with the 

511 It I nmnonf IJOnaPartc he had now sold the rest of his dream, able to produce gold and former bulls of Utah Mining Aus- 

UL AVA UAAOI 1 UUI . r % tin shares, Malayan and Saint uranium without all the risks and trails now extolling the merits 

KUALA LUMPUR Jan. 2. PTnlOFAtinil Piran - His argument was that expense of having to mine them." of Oakbridge despite the fact that 

. rvuAi^A MrUiv, j * CA.|MUiailUil this section of the minine market Thls time it was the economist its shares have already been 

.CHEMICAL COMPANY of rose sharply—have lifted profits had done him proud for two sue- who ,0 °ked confused. putting up a good performance 

cesstve years and had now run Onr broker friend added that in 1977. They are, incidentally, 

ont of steam. be had bought a few Afrikander another L. and C. favourite. 


By Laurence Stephens o His’advice for anyone still in Ee 35 ®* 8 Potential miner of these Nickel shares? "They’re got 

roNSORTniM nf six nil eom tins was t0 S et °« ° n the next P/<»l«cts, as * 1978 gamble. And to be right some time,"_ tte 

upward flip which may accom lf gold |s indeed going to knock analyst said, “but not yet judg- 
tues is to spend sAiLom. over p anv a rec0V ery in the metal on the 5200 door (Friday’s price ing from recent Inco pronounce- 

» next six vHarc Mnlnnnp for L_=‘ .17*/ ^ ticsi __...j.v ■■ .m— 


RECENT ISSUES 


EQUITIES 


8 -*i ■ ]*- 
v\‘ji8- Sp! soTi 


High] Law 


F.P. - *30 | Ml BRGO (BO^O„„ 

P.P. eo/l 119 ( 109 .Parmer fa.W.)„. 
F.P. «.l 65 57 Holden fA)....!. 

23 p 27U £8l*| 26 l.M.1.85p pdw. 


ii J+ j| n?i 
5 J " \i< 


4B3U6 F2Sc — I Jh9j — 
lie l—i 57.89 a.a a.7i b.7 

6S . 53.3 3.6 1 7.?! 5J5 

38 j . y2.2B< 2.7| 9.ll 3 JB 

i i I I ■ 


K Op 


FIXED INTEREST STOCKS 


SI 1 = x tan 

el e £3 ——I- 8wek‘ ■ 

<5 ^n: Rl*h| Lew 

£100 1 JLP. — WW OftljlAffrlc. Mon. TadeUe 3BS2__ 

BV8MBOO 3/2 bSl*! Beth 1U* 1886_ 

rim j£ftQ 26/1 . 52 I 47 U fCardilt iXX 1968.. 

£100 jFJ*. Ia7;l ! 90 I *1 Central Ailbeerwood 10* TtoZ 1b.1«L. 

£08 (£00 j 3;3 ! 60U; 571*10rampias M35-_ 

. I •— I 99 •! _ 



Slide at ICI offshoot Bonaparte 

KUALA LUMPUR, Jan. 2. exploration 

CHEMICAL COMPANY of rose sharply—have lifted profits „a«c.ai4. , ..w. 

Malaysia has reported a slide in a { Kuala Lumpur Kepong to a CODaO 11111111 

Sfi ? 1 ™OT "“""“ydKIeY Jan *» His adrtce for an r ane sti}} }n ^5®* 8 potent,a i. f jncr ® f .^res? "They’re got 

September this year at 15.9m. for the Ulded September bxuiVKX, Jan -. ling was t0 gel oul on ^ npxI products, as a 19*8 gamble. And to be nght some time," the 

ringgits compared to 19.6m. last- eai?upward flip which may accom lf gold « 1 "deed going to knock analyst said, “but not yet judg- 

rinSiS last vear The n.rfoman,, ^ nrP c Pnt « - ^ spend SAi V 5 “ L 0 ^ er panv a recovery in the metal on the 5200 door (Friday’s price ing from recent Inco pronounce- 

‘ * iiQm nnocrit* ** performance represents a the next su years exploring for price after it / rece nt sharp ° r S165 l compares with $135 a ments." There was no strong 
bales rose to 119m. ringgits, striking reversal in fortune for oil in the Bonaparte Gulf Basin, collapse Thereafter the shadow y®*r ag°) “then Libanon must be dissenting voice in the subsequent 
irom 115m. nnggits. the group, one of the largest a section of the North West Shelf of U S ’ stockpile releases could a sure-fire winner.” conversation hut I placed a 

The company blames the com- plantation companies in Malaysia, offshore of Western Australia. take some of the heat out of the 1 was abIe to add that our modest side-bet that Western 

petition from cheap imported putting profits comfortably ahead Lennard Oil NL, an Australian metal's supply-demand im- money-maker in chief still had Mining would be higher in Aus- 

femlisers during the first half Qf ft6ir previous best level— company with a 20 per cent balance which has been behind his Gold M,n *s of Kalgoorlie. He trahan dollar terms a year hence, 
of the financial year.for its profit 30 5m in 1973-74. In Interest in the consortium, the past year’s price boost to “**£*■» decision to revitalise Arguments raged hotly on ft* 

slide. lSSk-inSreCu™^ 5«J19 indicated that a sedimen- record lerels at one time. the. Fun,ston mine at Kalgoorlie, subject of copper, mention of 

It said dxere was stlU an exceas tary section of the area con- ^ He ^ also confirmed that he still ^“erica’s some Mmtaff m 

of fertilisers In the Malaysian Kmgglt- tained an ideal source of had his Rustenburg. Mention or Homestake, to be taken some one set of burnt fingereln 

market during the second half. The key to the earnings upturn hydrocarbons and that prospects *Ws brought forth a demand l « the ““Jrt. ^Copper botto^ 

and this had prevented the com- i* increased commodity prices foroij and gas accumulations 3round the dinner table for tbe 3^5 poInt *'* or ^ JS'ihS? 

pany from taking advantage of helped by a 27 per cent, rise in appeared good. source of this column’s accurate ** Jwd wanted to 

Se r Mrio V d 0Urable PriCeS dUring Sfrii£ C0 S C 5Sr ?, e ? bers SSSTtaO? “ hoS*t our CwadlS^dS of Ks ri^ery p^rs^Is year- 

For the current year, the com- selling prices for robber rose by Sf Western 'Australia & tlSt^lt ’ vS? 2? ES\l£fdon? “SSl “ d ^Sd S? 5 ^ en£r« ti? purehase of 

pany says h does not expect almost a quarter to 5M2J.8 a kilo, Wainoco International Inc. (both work. They were rieht. of course, continue to do so. Our North market casualties such as Roan 
nrofits to be much higher than while those for palm oil Increased subsidiaries of Texan com- There is an old journalistic saying American expert added Dickenson Consolidated and Zambia Copper, 
the results achieved In the year by more than two-fifths to paniesl, Bonaparte Petroleum that it is* not what you know 10 lhis duo - Rather it was thought that any 1 

under review, as the local market $M1,314 a ton. Ltd, Petro Energy Ltd. (both but who you know that counts. . We then confirmed our pre- one who could see brighter days 

remains strongly competitive. These key commodities were subsidiaries' of the Sundance and I had to admit that I had access ^ ous opinion that profits on De ahead for the 

and prices appear to have atmSS%eSerto??t SMLttSd Crux international companies of to a wizard of Che platinum oz. Beers are worth takmg when for Bougainville, 1UN Holding* 

reached a plateau. sTZ Colorado) and White Pine But I wanted to keep him to [hey over 300p. True, it has or Palabora 

-LLr.tVfrhw.n_*. * 4 .. ♦M 930 m quiet trading. So at K . B m «eif been a bumper year for diamond I then tried to revise the Seise* 

of^he IT?ma^ed to ^ despite the hA „ What does he predict now was saies. But a similar stride tion Trust versus Rio Tinto-Zlne 

° A _~® iXnS mfirpossibility of further increases m . 5 weils have already been ^ obvious question Watch this forward in 1978 in hardly to be argument but spirits seemed to 

secure longterm supply contracts p a j m output—rubber production toued in the 20,600 square column wa* ^e «mallV obi-ioiis expected. be flagging in more senses than 

In Hong Kong. Singapore, Macao (jo-lined by 4 per cent, last vear kilometre .(7,950 square mile) answer Both Rustenbure and n . ■ one. With no one apparently 

and East Africa. - —j t joojy, M though KLK will t0 . * Lennard LmpaJa have now raised their PSHCOUtlliental willing to take sides vre had to 

Owing to the lower level of have to work very hard to main- 0 l,e J , L th ^ s ? V !S!!S- platinum selling prices to $180 It was at this point that I contend ourselves with the con- 

taxation, netprofits amounted to yeu » s earnings at the by Lennard itself m 1969- an ounce. Friday’s London free threw Pancontinenta) into the fusion expressed here before. 

10.43m. ringgits (10J17in. nngsnts LSfhUejf^ S 70 ’ reve ^ ed 40 85 m etre (28 market “fix” was S1S4.50 and conversation. They have risen that Selection Trust are always 

in 1976). and the eompanv's dirt- P resei * p „ _ feet) thickness of gas-bearing the .big consumers must be from 875p to £10 (after £11) worth buying when below 400p 

dend for the year, at 42.5 per Pre-tax profits for 1676-77 are sands. realising that the two major during the past holiday-inter- which was, in fact, Fridays 

cent is higher than the 35 per before crediting land sale profits The first three years of the South African produurs are no rupted fortnight. " Post-election cloung price. 

cent last year. of 3.26m. Ringitt Rubber output consortium’s schedule will be longer prepared to do their stock-euphoria," the analyst cried. Most beads round tne table 



★ * * totalled 17,444 <18£34) and that taken up with the re-processing P*“e for them. " don’t follow it.” “You obviously ”°.;£ ed “»Jf 

HIGHER CROP PRICES—notably for oil last year rose to of data from previous ernlor^ -^ter some further discussion don’t work for brokers Lain* and p»ts though tnat was omy 
in nahnTil vtevmSSn S.lMtons (178545) riniT previous explore- ^ 3 ^ the conclusion that Cniickshank,” said one of the because be had gone to sleep, 

m paim on wnere proaucnoi, tons UfPJMjt. _ I Don - v—t- - either lulled hv the conversation 

Money and Exchanges 


“RIGHTS” OFFERS 


Im n* 


Iatwt 

SWUM. 


S 5 »i 2 .= l *»n« 
Frtw fa 1 Dm** 

y:|5ij • J t 


1977 . 

) Blgh; Low 


aw . [ F.P. > amiu/x* t*a 1 m lAdwwt—:-- 

It* F.P.! - i - ! 1*9 I 125 .Allied IrUh lufa--- 

U 1 F.P. ’ 8:12'13)I I 117 I 100 .Barrett Dereloyment..-— 

IB ‘F.P. 16 12 271 ! 55 ! d2»* Hrirfrort Gundry^..-- 

60 . nil . 61, 10 5 22 pm liipra CkbMorn-—-— 

SB • nil 23 1 27:*. 13um duni.Cbtwty Brwu....--- 

130 : F.P. Wrl2 8,1 ISO I 152 CotnmwvUl Union.___ 

133 - F.P. .26,1113-1 ! I Hi ■ tft’s W.. Cold Fwldc- 

900 ; F.P. 29>1113*1$; 2fi7 J 285 |Cnt*J LfHoro-- 

NIO 1 F,P. 29/1118-1 ,670 I MO De Ia K>m. .......- 

DraUO ml — — jDnj2J*)Dm20ODetiUcl» Bank.-;—- 

50 i F.P. ■ 2(12' 6:1. ! 70 I 57 -But UMtaad Allied he*A™ 
190 i nil - X3-1' )0i2 22pm lOpailklber Imlu»tri*l „.~ 


a*a i 

ii7 |+'i" 
3<It; ..... 

lQlim'—7 

13nm.. 

' ISO- i+7 


.150- 1+7 

_/ 16B j —5 

_S|3 < Fir. 28)1113-i"’670 I 5S ! De I*‘ku^T."654 ur 

PmMO ml — — .jDni85ODm20QDet>uctM Beak.-;—-Dra2ia,. 

BO i F.P. • 2)12' 6:1 : 70 | SI iBut UMhnd Allied Pnnl-- 70 { ...... 

190 ail i 13.1: 10i2 22pm lOpmlBIher IruluttrlM...-—-I BOpnii —i 

90 F.P. 129112' *7>l$0ftxa; 6*pmiJolu»«on Firth Brown- 60pm „... 

at ni< , 0:1* 10.‘2: Utitn : 8pu Kenaln* Motor...14wa ...... 

9U F.P. ISBrlli 6 1 | -AO I 210 Kwit tfeve lHwoant „—-- 235 —7 

JUr.TA ail > 17.2- 3/3; 66pm 62pm .ValJimal HJc- ot AartralMb^- 63pm —J 

1J«*1 P.P. 23-IS! 18 )2*pm W. U- _»P“ -- 

Til F.P. 16'l2j 27<l{ »5 | M ,Bf««l HUgwey- “ - 

10 j nil I — j — ap« tpm&nrU (O*o.)- *P“ — 

1*8 F.P. 3:11! 8-12 in I l*t> PW.ai«ralt--- J6U - 

186 I F.P. 12/12: 16)1 293 ZJ7 293 

; t f.P. » 3.1 ! 27.l! 38 } 36 WUltemi ;J, CerdlH).-..... 36 +1 

fanaaclilian dare waBr last day for deattns tree of tump dray. 8 ngoret 
lai^r^rcSr P Assumed dividend and r *ML aFoncaat dhrUUod: 
sowr IttK-d or prev km yciirt eandnga r Dividend and rteM ba ted m Pro spectua 
ir other oBoal enlroaies ror 1179. 8Grtaa. TFltvrea a srooe d. fCovra aPows 
ftr convanwii of shares not rtow ranking for dfridend or ranMnx only for m waai 
flirtfwida. | Placing once to public, pt P««* «aett oOwnrite tadicaud. 1 tea 
by render. ;>Offered >o holders of Ordinary ahares M a ■■ rlttn s.“ •'RUM* 
by vat of capnallunon. ft Minimum tender price. II Retatrvduced. n Issued 
In connection with reorganiaauan merger or take-over. I|H tntrodoctloa. r] l»n«j 
Kj fatmrr Pro/rnmcv hoWiTfc jffAQoRaenr fewer* for fbllyptW). 4» ProrUJonaJ 
» forth -paid allotment lenen. * Vfltb warraata. 


platinum was likely to knock on stockbrokers who produced a either lulled by the conversation 
the $200 door before gold does rather creased document on or the port, or possibly both, 

likewise although, as last year, which he bad been sitting. The final remark as the party 

bulls of the latter were stLH in It was a four-page analysis by broke up was made rather 
JL ▼ JLV/fifiV Y MUU the ascendant among the that firm of the company’s earn- smugly by the only man there 

assembled company. Over S2D0 mgs prospects from its big who is not subject to the mvest- 

Bank of England Minimum Wednesday of this weak. dealing spreads very wide. The s r ome “» * ™ rdict J*hiloka uranium deposit with ment current premium. "W r atch 

Lendlne Rale 7 ner cent. dollar fell charalv a pain «n tor gold only laughed at by an the share verdict Strong buy for it he warned, it may have gone 

- (Sine?Noranber^ 1977) # Ratorwrtiwd foDfjSSffie mS that economist, a newcomer to these substantia) capital appreciation" altogether by the end of 1978. 

Longer term fixed . period Treasury bill tender, but there Is Ur. Arthur Burns is to be replaced . . . .. 1 — - 

interest rates continued to decline speculation In the market that a as chairman of the US. Federal INCIIpANCF 

in the London money market fan 0 f perhaps i per cent, can be Reserve Board. iR»uii«nvfc 

during the three days' of trading expected in the near future. This Sterling touched a high point _ _ 

last week, as a reflection of the coming Friday may be a likely of $1.9250-1.9275 in early trading fT! l • _ J _ _ P n 1 

general improvement in sentiment time for such a faD unless the on Thursday, the highest level I €1 K 1Y1CT CTAPk f|T firflTPCCinTl/l I 

of the last few weeks. Strong authorities take further steps to since March 31. last year. It X. (llViilfil bj lUvlV vFJL IJ-l- VfiViJIJlVlKtl 

demand for gilt-edged stock and a prevent ifc Discount houses buy- finished on Friday at $1-9160- 0 •*- 

worsening of the day-to-day credit ing rates for three-month $1.9180, a rise of 5-30 cents on the 9 

position as the week continued Treasury bills were below tbe week. 1 Vl/I AVMY11T17 t/vm n /> I v Aiy-/\iHr 7 

helped to keep very short-term trigger point for a cut In MLR in The pound’s trade-weighted 111(1 V] 111 L V I (I I Sill IA)! S 

rates firm. p] a ws, by the dose of business index against a basket of cur- VfilUll T AVA UvUViiVi 

Day-to-day funds were In last Friday. rencies, as calculated by the Bank 

■*bu»dant supply -Wednesday Th e -sharp Improvement 0 f « England, rose to 65.4 on Thurs- BY OUR INSURANCE CORRESPONDENT 

and the authorities absorbed the ctor i in0 {n +>,„ fBr i ion , rP >, tAir . day morning, the highest point 

surplus by selling a small number _, v convinMthp-authori- since May last year. It finished A COUPLE of years ago, the Law whatever commission the brokers pensation for professional lapses, 

of Treasury bills to the discount ti thar ^ j. „ on Friday at 65.2, compared with Society decided that any solicitor have collected for their services. Fortunately in this country, 

houses. Money was in short supply anv tn allow a cut in MLR. 64.1 on the previous Friday. wishing to practise in England In 1975. the rates set for the although the professional indem¬ 
on Thursday, and the Bank of nrMiintfnr,. >hAnt tv.. Th® Swiss franc touched a and Wales would have to buy scheme were £387.50 for the in- nity market is relatively small, 

England lent a small amount over- tI plLmm,v from thf nTrio record level of SwJrs.l$830- professional indemnity insur- dividual practitioner and £310 for professionals are not yet in the 
rdght to three or four houres at L9950 against the dollar on Thi^s- ance under a special scheme tbe partner, while it was agreed position of some of tiieir oppo- 

Mmmum Lending Rate of i per n^velooraMt uShed tha day - a 5 d J closed at SwJrs.l.9887i arranged by the Society as a that for the two subsequent site numbers in the United 
cent J . o^r on Friday. compared with D rerenu«ite nf obtaining a orac- veers, these rate* would he in- States, particularly .doctors and 


;2eiia< xY>lfOfv«: MpmJoIinaon Filth Brown..-...- 60pm 

. «. r X 0 .' 2 : Uwtf SraulKoialac M«ra. .. 14pm .... 

ISBrlli 6 1 | <A0 I Clu lltwit Save Diacocnt-......- 235 t—7 


> 17.2- 3/3; 65pm 
.23.12; iStlAHtm 
: — 1 — 5iP“ 
iS'iaj 27n »6 

| - 8pm 

3:ll! 8/12 Ihl : 
12)12: 18)1293 

> 3,1 I 2?>l! 38 


&3f>mJ.V*Ilocal Hk. of AaMnlaabw- 

W. 7* --- 

6lpmlK.0.F. --- 

M IStvxiAl BUirnr--— 

Ipmgtnri* (Goo.)-- 

1H» IrULBIaenk--- 

237 UM. Sriantinc-- 

36 >WI|Hua« (J. OwUlO.- 


_ 63pn> —2 

..... 32pm .... 
.... 5Upm ..... 

- 2pm ... 

_ 16U_ 

_ 293 _ 

...... 36 +1 


Public Works Loan Board rates 

' * Non-quota loans B are I per cent, higher in each case than non¬ 
quota loans A. t Equal instalments of principal. X Equal repayments. 
Effective from December 17 


worse on Friday, tnanics to very r‘-^r 
substantial revenue payments and JfJVf 8 *. 
the fact that most of the Treasury , T lJ^-£?_ ea f r l y 
bill take-up was concentrated into ^ 

that daw An mrAnftannl amount deficit in November. 


it** in November. DjaSTk‘SSTlbe p* ^en^ota^th’o "“SStalwSSf 1^1 SS SS« Xjft?pSSSS.“t 


CardSoaM latarbaak Anthorlty 
of dapoalti dapodta* 



Uompaav i 

Utaoouai 1 
market 

L i 

Froaaiaj-1 

Miifflbte 

Bask 

Depo*ft» j 

4efxeftr ! 

! Bin** | 

Bin* e 


8*i-6Tj ! 7U-Sl« , 
— ! 7-61* 

6*4-07! I 7-61* 


-. — 6W-67, . — 

7.7U 71* I Os* j 6U 

7-7U ; - I 6* 61 *^ 

i7 f-Z. ; 71« ■ 65 e*-6i* 




Quota Imiu rtpaW 


NtB^oata Ml A* iwM 


Vwr* 

Up to $ .. 

Over 5. up to 10 
Ow 10. up to 15 
Over 15, up to 15 
Over 25 ...... 


hyBlPt 

9 

«i 

10 ! 

l, i 

hi 


Mr CSS 

matuifar 

by BlPf 

by CR2 

HMartty 

91 

m 

l{ 

m 

101 

m 

iol 

11* 

Hi 

«* 

sol 

Hi 

111 

HI 

in 

HI 

H* 

H( 

111 

12 

H* 

HI 

«* 

12 

1** 


HV** * «**■ ww —yi ■ ■ w wwww — w *» Rq ViLUL >71, |/|/UKU4g AAA — . * - ~ J‘ 

compulsory for all from surers to rebate 15 per cent, of ISnSSafS^ 1 ' 

September 1. 1976. the difference between gross * Sjfi^Lv £ 

The Law Society has recently premiums, less expenses, and the f®**. ® r ® s tn n l £ 

released premium and claim cost of claims. With hindsight, in- j 

figures for the scheme, from its surers are probably wishing they tt £Li M T ^S 5 S!nJ 0 , £v/«« 
inception to August 31. 1976, had built in a loss sharing clause JJSJJ’J 
thereby covering both the run- Clearly, between now and mid- 

ning-in period and the first full summer, there is going to be a to ^“SK a £?? a ^!^ B of n V5 l> ^2i 
compulsory year. lot of hard bargaining over the 

It is clear from these figures terms for 1978-79 which will ♦« S tS2 U t^‘ 

that the Law Society got a good apply from September 1. and k- 

insurance bargain from the con- have to be agreed well in ad- scheme. It could be that some 

sortium of company and vance. members of the insurance con- 

Lloyds’ underwriters who are The question tbe Law Society sortium might decide that 

. -Local author!tie* and finance bouses s*v*a daw* notice, other* tsren days’ fixed. • Lanser-term local authority mortxage bacKing the schemes. For after consortium of insurers, and pro* enough is enougn ana witnaraw 

rate* noadnaJhr throe year* tMI per ceau four yean llB-lOt per eeuL; five year* i9*-i« per cent 6 Bank Wn raua in i p , s th « n two veart. aeainst ore- fessional indemnitv insurers their participation next autumn. 

WSJr- nln Buyins rate for fora.raood, bank wn, per mli rour-mooth trad* bin* ^ paW° of M baV to geneJSSy, murtTasking S Whether they do or not. it i. 

Approximate aetDas raw for eue-momh Treasmy bms a per eeau two-aramh fihUu per cenu and throo-month « be set claim payments of selves is whether the experience ccriam that premiums will nave 

par cent. Approximate aefljax rate lor anomomh bank bOla !9 b 4| per cent.; nro-month *7\tM per cent.; and three-month £ 744.000 and claims reserves of so far is the teethlne troubles of t0 he increased substantially, 

•i'per cent. One-month trade MU* 7-71 per ce nt.; two-month 7-71 per cent.; and also three-month a per cent i 1 im n c— _ BmiI From the general professional 

Flaaac* Hoaa Uk Rata, (published by the Finance Bouses Assodatraul « per cot. from January 1 . 1973. a carte almost ElO^m. a new scheme for which Insur- n r wlow tha «t fhi* 

Bank tteMlt Rate* <for small sums at seven days’ notice) 34-44 per cent Oearias Bank Rates 'Ito Icndlnx «-7} per cent. No doubt the reserves have ers set their initial premiums P«U11 view, tne seneme at.tniB 

Tbtamy nitts: Average under rates of diacotat 6 Jsn per cent. been set up with a high degree too low, or whether the exper- stage nas little to commend it as 

other MARKETS GOLD MAPKET of caution so that Insurers and ience is a sign of the times; f prototype for other pro- 

POREIGN EXCHANGES IHRKAC 1 rhp I*w Society must hope that firstly, of an unsatisfactory level fessions—accountants, architects, 

--i oj 5 .c — iiasux !*p« 2 SSriim.iMui i D ^ 730 Dbc - 29 a substantial saving will emerge of professional competence and surveyors—who must be well 

‘ Bank- ^ri V 93 i, I when, all the claims are settled, secondly, of the groiving aware- advised to go their present ways 

9 * 0 . m B»te< Day** Brodi- 1 io.4Sjfl.97 jWjstam_i 2 u-«i« Gdd BoiHon! But this saving would have to be ness of our consumerist society and buy individually, from in- 

* Spread Okm FmiawJ.-,_7J*-7.79 -Bmai-1 Ml {* flu* wmee) in pvmu nf 25 ner cant, tn allow that Drofesslonais. doctors, law- SUrerS Of their OWD Choice, SUCh 


New Tock— • H.8M9-1.K6W]J7M-1 JIM Hoa» mjr *.7*i-fLSJ4 .Denmark 
Mijotrea) „ 71* 2J)7«WL1010^0*70-0Jte UaaT..;._i 73V157 'Snap**. 

■KbmUR dam 4>i 4.41-4.S7 {4J4ts-4.SSlt EowalU—. BA274LSI7 KJermant 
ttrTBaola.I HL46-64-JO | 62-66-67.75 Uuumb'c.; 62AM2J6 OrMca— 

Cbprobaua S W^i-11.07-11.04*. I1J6* Hamv«h ..■ <JMM iltmly_ 

Funk fun- I 8.38 If-4. Brii 1 4.074-4-W* 2*. Zealand' l-MBt-l-eTTWapaa- 1 4 

Uabon__ II 76.10-78.40 7B.06-78J5 akadiAiwfcl 8.BB-6.7D IXerberCwil ■* 

ifedrfA_ 8 164.80-1B6.8H1&&.M-18S.30 dineapore.'4.438-4.46} ! .Vomv_p. 


B**aii—Hi io.4SJ8.tt jB*4rtum.«S2i*-65*a Gow BoiHon But this saving would have to be ness of our consumerist society and buy individually, from in- 

Fm rori L^- 7J8-UBjamrii r —I taanecmfioe) [ in excess of 25 per cent, to allow that professionals, doctors, law- surers of their own choice, such 

HSSwTSSSlD^kji£3:S .SimLisSSStSSSiS^ insurers a break-even claims yers, surveyors and so on, can. professional indemnity cover as 

1 3vi» 4 jFranp^.^Si .10 8166 eo 68 ^ lilaii) 166 ratio, and they wonld then have and most probably will, be held they think they need, without 

y«™nv_js.»4.io c£86>3B) nothing left for expenses and liable by the courts to pay com- compulsion. 


BASE LENDING RATES 

A.B.N. Bank . T»% ■ Hill Samuel .I J % 

Allied Irish Banks Ltd. 7}% C-,? 01 ” * c ®.* L? 

American Express Bk, 7 % Julian S. Hotee ...... S}£ 

Amro Bank . 7i% Hongkong * Shanghai 7 % 

A P Bank Ltd. 7 % Industrial Bk. of Scot 7 % 

Henry Anabacher. 7J% Keyser Ulimann ■ J % 

Banco de Bilbao . 71% Knowsley * Co. Ltd.... » J 

Bank of Credit it Cmce. 7*^ Lloyds Bank . 7 % 

Bank of Cyprus.. 74% London A European ... S}% 

Bank of N.S.W. 74% London Mercantile ... 7 % 

Banque Etoige Ltd. ”4% Midland. Bank . 5f% 

Banque du Rhone. S % ■Samuel Montagu 6}% 

Barclays Bank ......... *}%_ T « 


76.80-78.40 I 7106-78J5 9*adi Arofcl 8.BB-6.70 jXerberi’wil 48S-440 
1M.89-156.Br 16a.0fi-76S.8O dingaporo. *.438-4.46} ! .Vorw*v_p.78-8J0 
I 1,09-7,671 1 1.8883-1.870} a. Africa— 7.MI7-1.6848 Prani»»i«.- 80-80 
f.77-&-*4 *JZ-*J4 OjS. _; ^p«in_ISS-K3 


ijKoig-aai, 

lt£26ls-271f> 


U«I»b_..„ 13 76.10-78.40 I 7B.0&7SJ5 9*adi Arofcl 8.BB-6.70 j.Nerlrorrmi) 486-440 | 

3&«lxld-8 7H.89-166.«ll6&.l»-1SS.20 dimmporo. 1 *.438-4.46} ■.Vonr*y—P.7«.aJ0 SSSSidL 11711* ITafc awiu iwu 

MUM-111! 1.869-7.671 1.8884-1.870} a. Afriml. 7.MI7-1.6843 FraW-: 'USsafuSEP 

Oria_ C S.77-SA4 oJU-bJS* 0£. _; ^p*te_: ISS-K3 MliZiSS-* 

Part*- 8if 8.8*4.88 BJ744JM} Cuada—| tiwttxUwl S7W80 Sor-gna,,851^535* W1W31, 

■^oekbokn.. 8 1.BS-8.BC 8.84-8 J6 CS1___J U.d._740*-.8J 

ttoxa_ 4U 466-478 46S-461 0.3. c*ot>. BTJ647-W T uwhH .ijibJl, Oid Bcr'rgn^MlV|3 * 

VSS.-Bl? 28.78-28.70 28.8828.0* -R«r^«rfar _ A.>roai5^'troe rmT - (6*7^6, (£261,-27^) 

fariefc..- 11»1 3.8 83J7 j 3X04.82 ^ Q ^ ' 

. tRatM slvn an tar coowtlbl* toot. flntanmtfUy. 

TlnMJKM crane 82JB-M.8B. Sragwand-. S170lf-1724 S1709«-1729, 

liesa^-aa^) (eagis-ooif) 
!T*rScvr^ii«!S31U-fi3U ffil-53 

, .(£283*^7*4) t£fi654-27»4) 

Old Sorr-cn* 55042 850-32 

EXCHANGE CROSS-RATES JBffiLwBSSSSB. 


CONTRACTS AND TENDERS 


Barnett Christie Ltd. ... 8J% 

Bremar Holdings Ltd. R4% 
Brit. Bank of Mid. East 7 % 

■ Brown Shipley . 7 % 

Canada Permanent AFI • J% 
Capitol C & C Fin. Ltd. 9 % 

Cayzer Ltd.■■■. 74% 

Cedar Holdings . 8 % 

■ Charterhouse Japbet... 7 % 

C, E. Coates. Si% 

Consolidated Credits... 74% 

Cooperative Bank. 7 % 

Corinthian Securities... 

Credit Lyonnais. 7 % 

Duncan Lawtie .I 

Etgll Trust. J*% 


84% ■ Morgan Grenfell . 7 % 

Ri% National Westminster 71% 

7 % Nonvicb General Trust 7 % 

7 * P S. Rerson & Co. ... J % 

Rossminster Accept cs 7j^ 

Royal Bk. Canada Trust 1 1% 

74 « Scblcsinger Limited ... <4% 

it it E. S. Schwab .. * % 

_ * Security Trust Co. Ltd. 8|% 

£.5 Shenley Trust ......... 9j% 

Standard Chartered ... 71% 

2*5 Trade Dev. Bank ...... 7§% 

Trustee Savings Bank 7 % 

3% Twentieth Century Bk. 8}% 

1,5 Untied Bank of Kuwait 7 % 

Whiteaway Laidlaw ... 7J% 

^5 Williams & Clyn’s ... ii% 

Yorkshire Bank. 7*% 

g'v * Menton of th« Aee*P«lax Xooscs 
J? caramltm. 

* v * fiewflm «*t. i-montii 6wo*«* 
7 m *1%. 

- > 7 -da* drawata on «rm. oi nfl O«) 
and under **• «■ 10 £2*000 4*.- 
and 0 »w £25.089 3*/. 


saiaasaai 


ttOaatfaa^lMSOU^sa^ 
FORWARD RATES 




New Ion 

0- 

Q34L1S rjUa 

11 

outrun). 

xat 

wu$ t< 


'W 




JS2c. dll 
jo e, dii 
rij-i* v. pm 
5-7o c. iii* 
■31-45} rrro db 
1*'31« pt pm 
. dh 
. di» 
8-46 rlredia 
T-3BurodU 
I4J-16} v. dl* 
51-25} on dh. 
0-50 grodia 
Bt-4le r, pm 


English Transcont. ... J % Yorkshire Bank. 7*^ 

First London Sees. ... *■% — umta-ni of u» Acwtinx 

FirM Nxt. Fm. Corpn. 9 ^ ■ cummitK-c. 

First Nat. Secs. Ltd.... » % * d«H»lm «X. i-monUi dwo^t 

■ Antony Uibbs ■■■■•■* <*^ 7 * on turn. 0 < ns.oo 

Goode Durrani Trust. . ^ Wl j w «pr c. up u m,i»o «■ 

-GreyhiHind (Juarantj-... j and wr £25.880 a-.. 

Grindlayn Bank .. 'i% ^*» CrBOSi ' ov Cr h bm *x. 

• Guinness Mahon . 1 ^ „ nitf . ctm jpo u«a w swim* mo 

■ Kambros Bank . 7 % “ Src*. _ 






5pg 

n 

13a 



YEMEN ARAB REPUBLIC (Y.A.R.) 
NATIONAL WATER AND SEWERAGE 
AUTHORITY 

AMENDftXENT TO ANNOUNCEMENT PUBLISHED 
ON DECEMBER 12, 1977 

Firms interested in submitting prequalification information 
for the construction of water supply and sewerage improve¬ 
ments of Taiz, YAJt., are advised of the following changes to 
the advertisement which appeared on December 12, 1977. 
Firms wishing to be considered for prequalifleation should 
request a prequalification questionnaire at the following 
address: 

Hazes and Sawyer, Engineers, 

360 Lexington Avenue. New York, New York 10017, U.S.A. 
Attention Mr. F. P. Goughian, Jr. 

The prequalification questionnaire along with current financial 
data such as recent quarterly or annual reports shall be 
submitted in duplicate to Hazen and Sawyer, Engineers, M 
the above address and one copy to tbe following address: 
National Water and Sewerage Authority, 

P.0. Box 104, Sana’a, Yemen Arab Republic 
'Telex: 346 YE NWSA. 

Attention Mr. M. A. AJ-FusaiL 

Prequalifleation information should be received sot later than 
January 32, 2978. 

Prequalised firms will be notified by March 1, 1978. and tender 
documents made available shortly thereafter. Tenderers will 
be provided to and accepted only from those firms which have 
been prequalified. The funds to finance this nroiecT will be 
provided by tbe Yemen Arab Republic, Abu Dhabi for Arab 
Economic Development, Agency for International Develop¬ 
ment. and possibly other donors. Tbe prequalification 
questionnaire can be obtained also from NWSA, address as 
above. 


LEGAL NOTICES 


IN THE MATTER OF 
JAVELIN ELECTRONICS LIMITED 

IN THE MATTER OF THE 
COMPANIES ACT.’I SAB _ 

NOTICE IS HEREBY GIVEN tilM th« 
c realtor* ot tM abovc-namca companr. 

wrhich ta bate voluntarily wound up, ire 
required, on or before the 23th div of 
January 1978. b«te Ibejftr tor that pur* 
dose fixed bv W. F. Rittora of 1 PuMl* 
Dock. Blacktrlar*. London. EC*V SPD. Hie 
liquidator of the *aid comoanv. to MiM 
tbe)r Minn and addrene*. and the .par- 
tieulirs of tMr d*bts or claim, and tfie 


require*, on or oetore me 2 am say oi 
January 1978. b«te the dar tor that our* 
DOSE fixed by W. F. Ritfurd af 1 Puddl* 
Dock. Blacktriar*. London. Ecov SPO. me 
liquidator of the raid comoanv. to aena 
tbelr Mines and addrene*. and the .par- 
tieulirs ot tMr d*Ms or claim, and tfie 
nairtc and addrecMS ot their solicitor*, II 
anv. to the undenlgned, and. II to required 
by notice In writinu Irom the (aid 
llauldator. arc by their tolIcKora to come 
In and orwe their taid debts or claims 
at such tuna and place as *h*n he 
specified In such notice, or In default 
thereof they nvil 1 be, excluded from the 
benefit of any edatnautlon made before 
inch dews are p r oved. 

W F. RATPORD. Liquidator. 
1. Puddle Dock. 

Blacicfriars. 

London. EC4V SPD. 


CLASSIFIED 

ADVERTISEMENT 

RATES 



Per 

Staple 

eefum* 


Um 

cm. 


£ 

£ 

ootaMacM ft saawwsi 

Property 

4J0 

14-08 

Residential Property 

2.00 

8-W 

AppalBtmenw 

4 JO 

14J9 

Budaess * Investment 
Opporwwtlw, CorparMloa 
Lotas. Production 
Capacity, Pnatneosro 

For Sale/wamed 

5J3 

10.09 

Edacatton. Motors 

Contracts k Tentfer*. 
Persona], Gardenias 

IJS 

18.89 

Howls and Travel 

2.75 

10.00 

Book Publisher* 

— 

7.06 


Pitmlan peUtleec available 
(Hlnlmom slzo 48 alamo arts.} 
EURO her single atinmn cm. extra 
For farther dentils write tn: 

Classified Advertisement 

Manager, 

Financial Times. 

10, Cannon Street, EC4P 4 &Y 









































































































































. Financial Times Tuesday January* 


L 


OVERSEAS MARKETS 


Germany firm but nervous 


St. Regis 
raises 
kraft price 


Guyanan dollar will 
not be devalued 


U,S. Markets 


BY OUR OWN CORRESPONDENT 


GEORGETOWN, Jan. 2. 


SHARE PRICES firmed on State Loans were higher. MILAN—Market closed irregu- changed. LTQiT T^n /'D 

German Stock Markets yesterday BRUSSELS—Belgian shares larly lower in very slaw trading. COPENHAGEN—Mixed to higher fvi Ul t Ifllvv 

after a nervous start to the New were mixed in very quJet trading. PireUf Spa lost L13 to 9S6. Also in quiet dealings. x 

Year. The relatively good per- Among Issues to rise were Elec- lower were Llqnlgas. aioutedison Commodity issues moved up. THE FALL >n L’-S. kraft itnei 

forma nee of the dollar and the trobeL, Ebes, Unerg, CBR and and Snia Viscosa, while Terni and while Connnuru cations. Shippings prices since last April has been 

firmer tone of the Bond Market Arbed. but declines included Pierrel each recovered. and Industrials were mixed. ' arrested with the announcement 1 

provided encouragement for Reserve, Hoboken, Solvay. St. Bonds met lively trading, with uadi/ctc /'i nern from St Rems Paper Company _ _ ... ~ ~ ' ", ,, 

major domestic investors. Roch and Cometra. interest cemred on Treasury Bills MARKETS CLOSED Qf a io' Der ceat rise effective ENDING MONTHS of wide time this month. This makes it jut. na EJ 

Daimler gained DM4.50 to Most U.K. stocks eased, while and EneL Markets were closed in the from February 1 1978 This speculation, Mr. Forbes Burn- much, later than usual; the “ y Jn» «.««. s**, 

DM325 in stronger Motors, while German. Dutch and Canadian VIENNA—Quiet with smaU following countries yesterday: hr , nr «- rh _ nr ice of S195 ham. Guyana’s Prime Minister,' budget is normally tabled in late 

Utilities were up to DM3.50 issues firmed. mixed movements. Australia. Canada, France. Japan. 3 to !j un lasr ADril's price of h as announced that there is to November or early December. „ Cw, S^S , J : ?£?«i 

higher and Stores put on up to U.S. issues were mixed, while OSLO—Industrials were slightly Luxembourg, Spain, South Africa.. H v he no devaluation of the. but last year, when the country net’ km. M«rci« wea-sfll Sgr 

J French shares were little changed, firmer, while Insurances, Bank- Switzerland, U.K. and U.S. i Kraft linor is used in cor- Guyanan dollar. began to feel the squeeze of an sLahut SZSs mmSo “SSL 

The Rnnri Market was active mi.m mor. , nh, v inumr mtn fihhn nn, were little i,n„ ..-in rom.i. : rvratl liner 15 usea lu wr ___«_•_ _ ,- _• n . .___ __ 


higher and Stores put on up to 
DM2. 

The Bond Market was active 
with Public Authority prices 
gaining up to DM035. The Regu- 

FRIDAYS active stocks ^ -1 .OltllflllTIlST TTHflP T/1IK itSS« ftat Th, .dn.inistr.tidi itoiT■m--*ii* hold «ih fte — 

Amen™ SSS P Tif ft | SO&OO SS£ fiftl SS about*n per cent. The claims Government’s plans for lar£ 

Chrysler enrp. 714SD0 is* - * WASHINGTON Jan. n ‘demand from the U5 had be e *i based on the fact that scale redeployment of workers 

K«„£Sii ‘SSJ**- 5* + * WASHINGTON. Jan. - . Europe^ m^ufafturers of the Government has asked Ute within the public sector, hence ssuMrarefi>»«KHi«m». «o W. 

HmanT jtfuSSif ... I97.0M + } DESPITE DETENTE and the Imports from the Communist countries (including the U.S. and test liner a waste-based substi- IW for a sizeable loan which is the delay requested by the «« J " lsr Kau - SeBt *&*• 

Tesoro penvieum _ iTS.noo n — overall growth of U.S. foreign world were Sl.S7bn. daring the Canada) with the Communist. t u te for kraft liner bave been still under negotiation. . Labour movement. The Op post- ipmum*—Jot. ismb, April us.M- 

GHir^wMt F iniSs {go ™ ni X ! trade, commerce with Communist eight months (2.4 per cent of bloc grew between 1973 and 1976 concerned about the erosion of Mr. Burnham said that devalu- tion claims, however, that the >£-»-,£>>’ c SLSU+ 1 g£L ■*!£ 

coasiaj stares Gas" i33.ua 121 + i countries declined in 1977. total imports), down from from S24.4bn. to S4L2bn. price differentials between the ation “ ^ not an answer to our. administration is awaiting .the .SL, w< "- Apru "■ - “ - m 

Ti.idy^ar'fi .. i3s,«M i3§ - according to a special economic S2.65bn. (3.5 per cent) in West Germany-in 1976. as in two liners problems.” His “prescription M outcome of its talks with various 

Do* . 15 *- 300 - sa 2 * report prepared by the Stale January-August 1976. previous years, had the biggest: But in the US St Regis Paper for economic recover? comprised lending acencies. including the ftuyn^-jaa. gqjw^ili. Feb. Q?Jt 

la ting Authorities sold DMSBm. Department. U.S. exports to Communist share of Nato trade with Com-said the current VS. price was “careful management of our IMF. on financial and economic %^ £*»**»* no? Si* 

nominal of stock, compared with The U.S. ranks as the fourth nations totalled S691.4m. during munist countries. Importsunacceptable." with most board financial resources and reserves, assistance, before presenting tbe sis-so. Marti .secaA Uo SM.lft. las* 
DMio.3ra. last Thursday. Mark largest NATO trader with Com- January-August 1977 (0.8 per amounted to nearly $9bn. and;mills losing money at the SI35 greater production oiid produo- budget. , . mam , 

Foreig n Lo ans finished higher. munist countries. But since 1973. cent of total U.S. exports), com- exports to about S8.7bn. ! level, let alone at S185 reported Uvity. intelligent exploitation of Mr. Hoyte explained also that, H *“ 1> H * rra ‘* n 

AMSTERDAM—Generally firmer the first year included in the pared with S699m. in 1976, the France and Italy were the during the oast weeks. The our natural resources, strict unlike tbe past, the budget will sawbow—Jaw swiJtt mui. Mate* 


Gold Mines were sUgbtly lower, mgs and Shippings were little Japan will remain dosed to-day.:mjjgj* JgjT roanafacture and .His statement came in a New economic downturn, it came at 


U.S.—Communist trade falls 


WASHINGTON. Jan. 2. 


tlarW-Ctacaito tow U.W lunit. Rr» 
Vnm pruno steam 30.31 traded fnowK 

IICV | ZMalH—Hard) 22+mi m«>. Hay W. 

the ] KM i— 71 1 . Julr 3SS1. Sept VTt. Dec. STL 

BPWfimt—Jan. I Site, April U9.M- 
I8S.50. July 191 SO. Od. IftU9-lBS.il, Ju. 


in very quiet trading 
Akzo. up Fls.0.9 at 
Dutch Internationals 


trading. report, U.S. trade with those last full year included in the second and third largest Nato ■ increase should help restore discipline, a war on waste. Hie be a four-year document instead sm-bio i«hi. May niHni. *u, 

.0.9 at FIs.24.1, led countries bas never exceeded 2.2 report, U.S. imports from the traders with tbe Communist differentials. resolute pursuit of our socialist of one year. This is in keeping 

Lionals higher. per cent, of its total foreign Communist countries amounted nations in 1976. France’s trade r France, Europe’s only non- objectives, the intimate involve- with a statement made in Par- - • • 


Ogem firmed on ^announce- t0 about S1 . lbn _ ^ ■ 

Fl^lObm orde? from 'saudi Between January and August to those countries S3, 
rabia & “ 1977. compared with the same exports, more than S 

Other firm shares were KNSM, period in 1976 “there was a to the Soviet Union. 


downward trend 


Heineken and Bols. downward trend” in the U.S. Despite the slow decline in the U.K.. Greece. Iceland, Turkey,;cenL 

Lower issues included Pakhoed trade with all Communist U.S. trade, tbe State Department Portugal and Canada. : 

and ABN. nations, especially in exports. report said total trade by Nato UPL I T/ - 


with S4.7bn.. followed by the!to the duty of 8^ per devaluation wUI mean increased Mr. Burnham said in his Newh.fi. 

TT l- n_ V_■_ a PTl_.. . 0 I nnelo uiillt iinrv’ falrt :JT flint Kn uiOr I 


Indices 


NEW YORK —DOW JOBES 


Dec. De. 
30 I 29 


ladntrtal... 831-171 850.39; 


Transport.... 1 2J7.JBJ 217.01 216.74 


Dec. Dec. Dec. Dec. 
28 27 23 28 ’ 


822.70 028.70 823.87 821Jl 1 


31-lfl] SI. 


)silneermnpUermn 


| 1061.70| 4U2 
KllAim *2/7/32) 


JT.Y.S.E. ALL COMMON 

Dec. j Dec. Dec. i Dec.!- 

50 j 29 28 I 27 ! Hi 

SLS0; 62-451 52.311 62^bI ~67 

I I. I I (♦ 

MONTREAL \ 


Iadunwl 

Oomlrinert 


Rises and Falls ’ 

Deo. 30: Dee. 29 Dec-i 


UiMa ___ 

Fails_ 


i 176.16 176AS. 174.7J 
I 181.85 IBUS; 10oi« 


Composite losses HK6.76J 1D64.s| 1049.71 10S7A (V3JT) ! BOLD (26.00/ 


import costs with very few, if Year message that he was |5Tnrt ^... mj 9 -m.tr 

igai and uanaaa ; _ any. compensations.” convinced that the Guyanan nei.Mi. March iw.td-imm mm.io/, uar 

The Prime Minister confirmed economy was on the upturn, but ik 30-i« 7 oo. Job- ikcmmm. au 

IV Aph COT Am in 10 earlier report by bis be could not promise a miracle »»S| tSS\oM 3 WUOm 0ct 

__ IVUCll Sit Um 111 Economic Development Minister, in a few months. He said there 

\ jubfliant Mr Edward Koch Mr - Desmond Hoyle, that the 1978 would be need for belt- swwr-No. Ti: Jaa. Msrch • «* 

^ D^ d 3?^L29 Dec-a was J swom in as New York City’s budget will be presented some tightening for at least two years Mw »«. 

____—_ 105th Mayor on Sunday, his mood Marrii 100 . uu ii.69-u.ie. 

uaded_] 1,898 ! 1,906 • 1.911 matching a wave of optimism in --- — ____ ■.. 

——.! 792 [ 778, 711 the city about its ability to tackle m « . Ti»-532.ow«5.» aAcd (Ssa.Dfijnoo). 

==T-1 IS ! Infi i Hi the stUl fearsome fiscal problems | 'nil f QMPATH C11IYI1H1T "Wh#at~March 37 h 4» (28M), Mu 

J3 Stt\ m| " ^4 facing it. Steward Fleming writes V^dJLl IUI V^dlXlLl/IIl JSUlllIflil a«l 12 SUL JuS 3886. Sept. sat. 0*. 

on.!..i 23 > 26 i 21 from New York. m , , rtBn « on . mpu . m 

- Mr. Koch rode to his inaugura- . BT OUR OWN CORRESPONDENT WtNNrPBC. Dec. SO. ttRye—Dec. 1 ULST 

f.- ■■■■- 7 —: - “ t d 0 UR. FORBES BURNHAM, due fur several monU^-the lust BC ffl"! “ W - UM * “ ,ma * 

i Hifffa j Low peo ^J e outside 5 City Hall he Guyana’s Prime Minister, has being held in SL Kitts m Decern- ttous-Dcc. w.sa < 77 .n 1 . i 6 u 
. 73 ] IBS .47 117 / 5 ) 16 B .02 (25/U>) warned that now the city's joined tbe growing demand for her 1975. 73 . 8 a bid i?lto ukfdi, jniy n.oa am, 

1WJ6 ii9iU 165.60 ( 26 /itri Treasury is nearly empty it must an early meeting of the heads of The economic difficulties of the ts«ricy—Dec. tbm bu itam huh u» 

— 1 -«-* nransraui Government of the Caribbean region have forced severe restrlc- tb.bo nw it&so), July m.m. 

Community (Caricom), - tions on imports by some coum snaxsmtf—Dec. 20 M 0 a»kr<d kbuoi, 

———Z—ZZTZ—ZZ. Ia 2 special statement on the tries, particularly Guyana and <««• bW) - «=■“ “*«- 

*3ZF$ "SiiftokSS J* 8i0 S al integration ^movement. Jamaica, which have included - W M - 

are after wtthuoidiiw Mr. Burnham said ways and Caricom imports. 


Dncfaamced_ 458 j ■ 506 ■ 646 

New Bleb*-. 43 | 61 . 44 


Tin—532.09-369.60 uUhO (K3.0W71.OQ). 

""Wheat—March 37H479 (2SB»>. MU 
2S4I 12 SUL July 3884, Sept. JB3J, Ooo. 

Oft. 


IBS.47 (17/3) 
187J5 il9/l) 


166.02 (26/101 
165.60 (S/10) 


be wisely managed. 


158-4 (24/S) 
IBS. 1 (22/4) 


are after wtthlroldtng tax. for. uuruoam saia ways anu__ __ 

I e DM30 detxun. unless otherwise stated, means which will allow us to re- These and other matters, such UBteS5 0 i*“ srwlM « 1,<d u p*r tru 
iSunSSS^^SSSSM ““.“J our diversit i'" as the future direction of Carl- 

O Frs jOQ denom. and Bearer shares °lUSt be SOUght. CO me, need Summit, attention, vuim day. Prime Steam f.a.h. NY bulk 


per Dmmd ax-warRmn 
Ise staled. fi per tray 


* HiU/ m 'win nunwM rrnn , ^mme W 


Kiuf. iliv. yield Z 


STANDARD AND POORS 

j Dec. I Dec. | Dte. 

I SO / SB 1 S3 


Dec. I Da-. 
23 £2 


I 30 ( 29 j 28 | 27 j 23 j 22 i High 

t Imluatrlala 104.7l!l04A6f 104JTli 1D4J7, t04J26|lD5Jal 118.92 

j -I I | I (3/1) 

{Composite.! 96.10; 94-34{ 94.75 94.89 84.8^ Bf.M 1 107.00 


Dwr. 21 | Dec. 14 


Tear ago (approx.) 


More lumpfiu'i 

> fiigti f Low 


99Jffi 134.64 3.62 

(2/llt (lbl/73i (3C/6/S2) 
80.71 I2S.S6 [ 4.40 
(2/11) (U/l/73» l >1/6/521. 

4 I Tear agu (approx.) 


Jan. Pree- 1977-78 1977-7B 
2 -teas I High 1 Dow 


Australia ri). tri 417.10 471.10'41&86 
I ! ; (30/12)' (18® 

Belgium <!) 91.63 9L38 99.12 ' 90.71 
I i (10/1) (20/12) 

Denmarkr*)| 96.42 96.43 1 107.92 S6A4 


I ! 110/1) (20/12) 
Denmark(**) 96.42 96.49 1 107.92 S6A4 
(9/6) (28/11) 

France oil to 53.4 j aa. 4 . 43 A 
( 7 / 1 ) ( 10 / 6 ) 

Sunuany (»J 794 j 0 787.6 ! B 13 J , 712.5 


Bn-in aol ( C i i 61.29. 102 J 7 62 je «*■ ooenrise stated, s Yen so denom He suggested separate pre- and tbe failure of the heads to «"•' * ®g*“PE ^ 

_ J*. Jaaw, att SSt “F^^bscamiw juratory meetings involving meet has been interpreted by rrny ounce (or SO none* WOO of ^ ft nr 

Sweden (*V 324J7.323.16 416S8 228.01 cCenl3 _ d Dfrldend after pending rights Ministers of trade, economic some observers as an indication ccm. pnrinr deliver ad wv. ICanu par 
Svihrl'dl/ I 30L1 3^8 m5 “xlf" wlp Issue, a Per share, f Francs, development, finance, and Of the stress through which the trov ounce CT-wa rghoa io. a New ■ nr 
l ’ 19 I St natural resources. ’Guyana movement . s passing .. TV?ILfZZSJ',Si 


and/or scrip issue, e Per share, f Francs, development. finance. and Of the stress through which the troy ounce ex-warchonw. fl New " B " 
SST^ 1 riA{^ d fcSS£Sj r Mtural resources. Guyana movement is passmg. 

taxes, m % tax free. » Prana: incuniing would be prepared to host the Mr. Burnham said hts pro- cncuo. Tntedo. sl lauu snd. mhc 


^I UnlUc pNran. «share apUL s div. I meeting of natural resources posal for a summit preceded by j~ctno per » ih. baxtwj in 


Vnllaml ({j)i 

Hoag KonJ 

(*•) 


lmL div. yield { 

Inti- PlB Katin 
time Oort. Bond vt«W 


Italy (. 
Japan i 
Singapora 


! : a7/ll) (10/3) aOD-LMB. the L 

l. 80.0; 93.2 76^ r Excluding n 
, (4/6) (29/91 J W0 ions.. 40 

r 404.02 425.17 404 jQ 2 20 TraUBOOrl. 
I (ll/fi/ 130/12) 'Hi Belgian SE 


ill) Belgian SE SI/12/6S. (“> Oopoftagsn j ^creased. 


xr Ex rights, xd Ex dividend. xcEx 
scrip Issue. xaEx alL g Interim since 


65^8 66.®' 73.71 64A) 


1 (5/li (22/12) tm Commerztxu* Dec^ 1953 (H> Anwer l__ MJ . KJV . M 
... I aw oi W) 49 a am [ndustrig] 1970. (ID Rang senx I GERMANY ♦ 


264^41262X2 242^1 
I ' (29/8) I (3/58 


OVERSEAS SHARE INFORMATION 


NEW YORK 


AuOu(* Lain..; 

A'llrenugraph —• 
Aetna Life & CmsI 

Atr Prwturt*. 

Aipxi.. 

Al enAiuminlum 

Al«... 

Allegheny Dull.. 
AUegheov Power 
Aliie.1 Uliemlai-l 
Allied Sture*...... 

Allis Chalmers— 

AM AX. 

Ameri-la Heer.... 
Amer. Airline ....j 
Anier. BtxikU ,...| 
Amer. UnwIiM. 
Anier. Can——I 
Amer. Cyauunbll 
Anier. Bl«. Puw.i 
Amer. Kiprt»...| 
A nier. Hi Hue l'ro>1| 
Amer. Medh-ai... 

Amer. lloti'ni- 1 

Anier. Nei.liu-... 
Amer. »Ui»1in( J 
Amer. Sturra._...| 
Amer. Tel. A Tel.i 

AnieleL. 

AMF. 

AMP..—...j 

Amies.| 

An-hur HiR-fcing.] 
Aubeu-er Huw-li.i 

Amin Sieei . - 1 

A.S.A.I 

A-wiuera Uu.| 

Aaarv-o. 

A ill hunt Oil. 

Ati. Hlchlieiri—..' 
Auto Data Pro....I 

a vc....! 

Am.‘ 

Aron Fmlucte...| 
Bait Gaa Klest— 
Bank America.... 
Bunkers IV. X.X.I 
BBriber Wi. 

Sifcer Tia venal. | 

Ueairli-o Fuol.. 

Be-tuuDK-feenMw 
Hen a Howeii.... 

Bendiv. 

Benguet Cuna'U'. 
Bellileheni dteci.' 
Uuu-li A Decker... 
B**iua. 

Hmw L'w*rte..... 

Bonleu.-. 1 

Bon: Warner—J 
BranIII fnt. 

liruven 'A'..| 

Bristol Myers.....I 

II. P«. 

tcJrwa; 


Dan Indnstries 


asig 23 1 a 


BlTg I Johns Manville...! 
46L| | Johnson Jabasonj 
Johnson Control. 
Joy Man ufartai *g 
K. Mail Carp..— 
KalserAimnlnTm 
Kaiser Industries 

Kaiser Steel. 

Kay... 

Kennerott- 

Ken AL-Ger_ 

Kktde Waiter_ 

Kimberiey CHaik. 

te=: 

Kroner Co..„. 

leri Strausa.-- 

UbbyOw.Food... 

d/sjett Group.... 

UllyiBII)_ 

Littun lnriust- 

Lock heed Alrer’fl 
Lweatar ln.(s... 
Lmn Island Ltd. 
Lmliianalanrt... 

Lubrlic<l__ 

Lucky Stores. 

L'kesY'uocst'wn 

MacMillan. 

Mary K. H.- 

Mtrs HaDover—I 

Mapoi.! 

Marathon Oil. 

Marine Midland.' 
Marshall Field ...| 

May Dept. Stores] 

MCA..i 

MeDermoa.j 

M>*Uonoeii Doug! 

MyGraw Hill.; 

Meuiu rex.- - • 

Vftw....! 

Merrill Lynch....! 
Mesa Petroleum 4 

MOM_ ] 

MlnnMIogAMtg.; 

Mobil Carp...-* 

Monsanto.. 

Moqpu J. P.—.J 

Motorola .. ! 

Murphy Oil ...—.1 

Xabtaro..j 

XaieoChemtcal...i 
National Can_I 


Nat. Disrillera....! 
XaL Service Ind.; 
Nntivna) ateel....j 

M»-! 

Neptune 

New homand JU. 1 
New BngtandTel 1 

Niagara *li.hawk: 

Niagara share ...I 
xlu industries J 
NorfolVAWestern: 

North Nat. Das_i 

Alhn States Pwrj 
Nthwest Airlines- 
Nthsrert Bancorp* 
Norton Simon.....[ 
Ucdilent&l Petrol! 
Dgilry Mather..., 

Ohio Kdlsnn._I 

USIn..._./ 


Overseas Shift...J 
Oaeus Cornine.-t 
Owens liiinula...J 

fV-itu- Das. 

IV-iA- Ligbttug.,1 
IV-. Pwr.A U...J 
Pl»nAmW...rh1 Atr^ 
Parker Uannifio., 
Peabody lnu..-H 
Pen. Pw-t 

Phone v J.|L.J 

Pennroll 

Peoptes Drag.J 

affs u "".; 

Pertrtn Klmer_] 

Pet_ 

PHzer.. 1 

Phelps tkslge_i 

Philadelphia Bie-I 
Philip Uoiris...... 

Kfadlips Pctral'm! 
Ptletniry 

Pitney Bowes_I 

’ Pliision.' 

Plessey Ltd A OK, 

IVibmiid ...I 

Patunui: Bier. 

PPU Industnra... 
Piociet (ismi.le.. 
Piil» Serve bieet..- 

IVil mm.. 

Pin**...; 

VuakfrUst*-1 

Uspld American..- 

Kaethcon . 

kca.; 

ttepablic Steal—, 


BevUm. ..1 44t a 433* 

Reynolds Metals. 32<e 317 a 

KejTrotds K.J—..) 591* 59 

Ktoh'ron UenelM 222 q 22 

Kockwell Inter...! 296e 293* 

Ubom A Barasr..! 32t* 3H< 

Boyai Dutch_I 66l a 5V B 

KTJ8_I 13 Sa 131a 

KuaaLoga- 123s UU 

Ryder System.... 153* 161g 

Safeway Stores... 413* 41 

at. Joe Minerals J 313* 311g 

au Regis Paper..j 303* 306* 

SantaTe tods....] 397g 39T* 

Sam Invest-J 43* 43* 

daxoo I arts.. 5 - Bi* 

d-.'hllir Brewtng.4 111* 107* 

ddhliunhencer— 723, 723, 

aCM- 18 1BI* 

*«U Paper- 14 13 U 

Yeovil Mig.. 227* ! 223, 

dcmix* Duor Vest 6T* j 66* 

6ea Containers...| 261* . 26 

^esgram_i 221* 217* 

dearie (ti.D.).! 723* U5* 

dears Itoehuck— 1 28 281* 

>EUCO-j 39 38ta 

Shell Oil.., 331* 3dl* 

abeiiTansport...| 39 1 * 401* 

Slffna _.. 317* 31tj 

StgTMJdeL'orp....-! 373* 363* 

Simplicity Pal_" 113* lit* 

fiinfter.201* 19s* 

smith KUne__ 493* SOU 

auiitnvi..| 17* 17* 

aouihiiown18 U isi* 
southeniCai.Kd. 263* 26i» 

poutbero Co.- 173* 175* 

atbn. NaL Kes..J 34 327* 

dootheni Paciftc.] 337* | 537* 
Southern Railway| SOU I 51 

Southtaod.-.( 263* | 2S1* 

S'trie BancsharaJ 261* 26 

Sperry Hutch—| 16U 16S* 

■s'perry Band- 361* | 361* 

dqtdb... 237* | 237* 

Standard Brands. 251* ■ 251* 
dtd.OUUalitomla 383, 1 389* 
atd. Oil India nr.I 495* 495* 

atd. Oil Ohio_! 707* - 701* 

dtauff Chemical. 363* ' 365* 
sterling Urug ...! 141* ] 14 U 

firudebaker_; 465* | 461* 

5un Co_.I 426* , 423* 

cuadstniDd........ I 36 ! 36t* 

^intex..' 201* ■ 201* 

i'ei-hnionlpr_ 107* i 107* 

Ielrtnmlx__. 376* ! 38 

ieledyne.82 I 625* 

Tele*....: 31* | 3 

reason.-! 301* | 311 , 

t'esoro Petroleum: 7t* | 7 t* 

renteo...> 275* 271* 

Pexaagijll-- 19k* 191* 

Texas luatm..[ 731* 7B 

rents Oil A Gaa...! 331* 337* 

Texas Utilities...- 22 22 

Hmy Inc....._j 591* 38 

Times Mirror...... 251* 2SU 

rimken_J Sl 507* 

Trane-: 34T* 34 

rtMMimeriea... J 1SU 1BU 

Craaar-o..21U 21U 

tans l-ntota..j 323, | 32U 

fransway lnt’rol] 231* - 231* 
Iran. World Afr— 105* • 103* 
Travellers.' 31 [ 307* 

Tn Continental...| 205* ; 201* 

r.K.W. . 321* ! 32 

Jitn Cenrurv Fox' 215* 1 22'a 

tAL...' 20:* J 205* 

L'AlfUO.., 207* ; 21 

ODl..- 23 U > 23 U 

COP....n 151* I 195* 

Inllever- 411* 41s* 

Coil ever XV. 53 U 54 

fnion Bancrop.../ 13 13/* 

l'nkmCariibte...J 411* 41 

Union Commerce' 7 7 

Union Oil Calif...| B27* 5ZJ* 
Union Pacific...^ 487* 483, 

Unitoyal_ 1 Bi* 8>* 

United Brands...! 71* 77* 

Unit*.! Corp._| 10U 10l* 

US. Bsnrorp__ I 313, 313, 

U3. Gypsum..—., 22 217* 

1'U.hhoe._I 241* 24s* 

L'B. Steel_—.1 311* 313, 

U. roL-bnokvtes-.i 397* 355* 

UV |n.iuslrtes._; 197 3 191* 

Virginia Kie l—.: 141* 145* 

Walgreen-. 177* 17s* 

U tmcrCntnain. ; 34 333, 

'Varner-Lamheri.| 26 | 26 

WaAe-Man'menli 19 1 19 

Wells-Fargn_ 267* 1 86U 

Western Ban-nr] 331* I 55 
Western A.Amet 27 • 265, 

Weaiern 1 nlisi... 17 >a 1 17 
Wpsiinphiie El*t 1 , 181« I IBi* 
WAtaruo. 285, ; 285, 

Wayerhaeuter._. 27o* ' 2a 

W lilripnol. 225* 1 22 

While Cor. Ind. 1 211* ■ ZH* 

William Co..I 181* 1 187a 

W tacos tin BiectJ 511* | 31U 


New SB wm. (D) Straits Ttmex 1996 
leiChaed W* Madrid SB 81/um tel 
Stodthalm Indnwrtal 1/1/68. (fl Swiss 
Bank Corn. Sl/12/52 (a) Unavailable. 


Investment premium based on 
52.60 per £—79*% C«i%>. 


I I Dec. I Dee. 

■ Sferfc 30 89 


Wool worth-...! 187* 

Wylv--07, 

Xerox...■ 483* 

/ ■spa / a__ IBs* 15U 

Aenith Ba/lio__.. 141« 141* 

Chile1695—... lull* 11016s 

UJ.T7«Bs4%lflB0! t94ik 
U‘6.Traav4iy7&/7i-; 1825* (825* 


U'6.Trra**i2f7&/fc; 1825, (825* 

U.S. 90 Dey biiis.| 6.14* J 6.17* 

CANADA 

Abitlbi ■Paper—..! luS, | 10a* 

Aguico Brac>«-! o5ft • 05* 

AlcanAluminiiun! 285, t3 

Algoma StaeL.^.. 15 15U 

Asbestos_385* 38 

Hank oi Montreal! 18 18 

Bank NovaBeotial 1ST* Ini* 

Basic R esour ce *-.! 71* 71* 

Bril Telephone-.; 54U 54U 

Bow Valley lDda.1 k2U 



BP Canada._I 173* I 17l« 

Btaacaa_ 147* I 146* 

riritvu_.. r3Jto t3A> 

Calgsry Power— 36 363 * 

Canada Cement-. 6 9lg 

Canada N W Land 141* 131* 

CanlmubortW 22U 35 

Canada indost—l 1183* 18 

(Jan. Pat llk--] 175* 171« 

Can. Pkriftc In*.. 193* 195a 

Can. Super Oil—, 595* .&9U 

Carling O’Keefe..! 5.60 3.60 

Casraur Asbesto*. 9U 9U 

_ AMSTERDAM 

Chieftain —_] 213, 207*- 

Cotnineo..i 29U 291* 

Coos Bathurst-...1 213* 21U Jan. 2 

Consnmer Oaa—; 17 U 171* 

Coseka Heaoczrces 8 U 7l* 

Oosealn Uieh- 8 171* 

Denison Mines.:., 54U 545* 

Dome Mines-.I 70U 701* 

Dome Petroleuml 593* 591* 

Dominion Bridge! 23 123 

Domatr__ 151* 16 

Dupcnt_! 123* 127* 

Falcon'ge Nickel 203, 21 

roid Mototcan..! el TOOU 

Geostar--j 27»* 275* 

Uiam Yet'wknfe. 10 a* 10 i* 

UuHOiiUamda ... 1 SOU 30 
Hawker $uL Cam 65 * 65 * 

Bollinger.. 1291* 301* 

Home uii ‘A 1 _I 465* 471, 

Hudson Bay Hug 161* 163, 

Hudson Bay_1 181* 186, 

Hudson Oil A Gasl 473 , 477 * 

1 -A.c _i isu ia 

Imaaro ——| 301* 301* 

Imperial OU-_ 2 U* 211* 

tnco-1 187, 19 

(nda)--J 87* i 9 

Inland NatuOss..) 107* 107* 

Itu'pr'yHpelW 141* 14 

Kaiserkesouteeaj 133, . 137, 

Laorm't Fin Gorp' 73 , t7U 
LMMaw Com. *B r J 3.86 ! 13.65 
Mc’mUi'n Bioedli 18U 1 185* 

Massey Ferguson 161* 165 * 

HotMyre Phrpoe! 255* ! 25 U 
MooreCorpn....-., 306* I 305* 

.Noranda Uines...; 25 a4T* 

Noreen Bnerg\-..J 187* 185, 

MhD.Te'frnm—l 27 . » 27U 
.Nuitm. on A Ga>, 1 BU j 163 , 
muwi»i Petr’n. 6 >s 63* 

PauOc t-Opper Sl| 2.14 1 2.UU 

Pacific Petroleum; 433, 1 421* 

Pan. Can. Pet'mi a3U i a4 

Patino-J 161* 115 

Peoples Dept. sS.j 4.70 4.85 

Place Gas * Oi,.. 1.11 1.06 

PkpBi Deveibpmt 227* 23 

Power Corpotii’ti 10U 10 

Price—.. Ui* 'fluU 

Queoec Sturgeon 1.15 1.15 

Hanger Oil_! 295* 30 

, hea .1 Shaw_J . 3, 91 * 

tOoAlgom_j 27U 27l« 

KunUBk-of C«,j 27S* 275* 

Koyai !>■■. t *71* ! 167, 

Seagram*—.—.i !/4a* ; 236* 
acepireBeaoureeai 10 i* j 10 U 

lUcii t4Uia>ia.. 1 173, 171* 

dlisiriUG.Hines- 5.25 j B.12 
aWscaO.G.....! 26 aB7* 

-mupeons __ 4 75 4.83 , 

««!«Canada.... 241* | 24U | 
steep Bock Iron... 2 45 ; 2.50 | 

L'esaco Canaita...., 40 ■ 40 lviE(J«JA 

L'orsnu, Dom.iiS.: 1,3*1 175, J »icrtri« 

Irani (JanPipeLn 1.1* ■ la I* 

Trans Mount Oils' 8 T* i 87* 

rnroc—.. 710 i ilu 

Union Gas... 1UU I 10U 

Walker Hiram...., Z9U i 297, 
w eat Coast Traa ; a4t* ! o4i» 

Weston mso.„....! 143* j 145* 

• Assented, 1 Bid. J Asked. 

(Traded, f New ttoek. 




4.2 

6.3 . 

7.4 ’ 


Securities Rand Discount S?i?» 


l SPAIN • 


December 30 



STOCKHOLM 
















































































































































































































































































































































FJrian&i Times 'Tnesday' ' January - 3 1978 


15 




AUTHORISED UNIT TRUSTS 


Unit Tit. Mgtt. Ltd. (*KB). BrtonK Treat—Ceutkraerf 

C^twta*[B4l,Aj4ertittj-. 03063041 Trofewtonal_,„W>M 500. 



PropertyShore* _.B9 
Shield.-_afij 

BUtueChaage—— 26.J 

Unto Energy_J32.fi 



Aided HunfcroGrou jV(i} (*) 

Buobras Bn, Hutton. Brennw 
01588 3801 or Brentwood flBTT): 


AHlsdlit_,i-Ms* 

Brit. tad. FumL^_ SM 

». fc Aanssfif 

pfis>ei==ae. 

Hambro A«L Fd._U7.9 


■ V*t*m ' 
High Yield Fd.- 

HamhroltK. Fd_ 
UtttndMl IMi 
I gtfnaUoaol.. MU : 

nwtfieFUBd-, 

fescUB*Ft»ds 

Smaller Co.S Fd- 

awjBmlrw.Fdj 

BTSSSTte: 



V£ 2. St Mary Axe, EC3A SEP. 

388 liJAinoricanTst._[24.0 

470 Britiah T«LiAre.I._ 5X5 

2 S Commodity share.. 3371 
(x> For East TnisL.. 235 

Tbc British Life Office Ltd.? (a) ffigff SgS 1 ?-- 

Reliance H*e,ltanbridgc Wells. KL 0602 22271 Ini. Agencies_Z 12.94 

BLBrirtahTJ t. HIT wa_fl<j 5J5 Inti ExemBlFd MO 

BL Balanced*__|44.4 473 .„Z| 5.48 ttflnU.TSLtACCJ_JZ7.4 

•Mc^rariSdealtaeday iLu*^ Gibbs (Antony) Unit TSL Mgs. Ltd. 


Gartnore Fund Manages ? (a)(g) Perpetual Unit Trust Hngujt.V (a) 
01-3833531 4B Hart St, Heolej-oo Thames 0-19126*8 
23JrJ -03 LU FpetuiUCpClh—fLTVO 1935).—I 41 

$54 -ft 7l jn 

147.43 -z 6J 3 67 Piccadilly Unit T. Mgrs. LUL? (aWb) 
#*“&* ^ Wartcte Hre ,50* London Wall EC2 6380801 

Extra Income__p2.7 34» -03 BO 

Small Co's Fd_J85 ‘“3*2-3 3J7 

Capital Fund_48.7 *51.74 +0JI 

InL Eras. U Assets.. 475 
Private FUDd_375 


MB -Oil 
73.6 -ffj 
13.74 -037 
90J -05 
295 -OS 


8.81 

*6* 

573 

552 


-oj} 554. Brown Shipley A Co. Ltd.? 


Mum FWtnderaCL. Ed 

BS Units Dec. 28 _[2135 

Do-(Ae4jDoG.a.tttU 
Ocoaak Tnuts u) i 

Financial-I 

General-|i75 

Growth Accum._ 

G rowth In 

SB 1 ” 


S. Blomfleld SLGC3K7NI> 
<b> AXf. Income*_W.4 


01-0008520 < a, A.C.QV*5nj1,-t 
ui-oiuoMi tJUA.G.KnrK*8t*._B02 

¥n\— | H DenUn* Toes. tlWe 

Govett (John)? 


“eo 9 ?" 0 - 31 
654-04 

24R +|}3 


350 

502 

450 

465 

356 

3B 

510 



Pe rfor mance, 

Recovery.... 

EunpLNo?. 


34.4 -0J 

38.4 -02 

44.4 -0.3 

S I -02 
4 -05 
a.7 -oj 

46.4 -05 

18.0b . 

M5 -05 
225a -05 
64.9_ 


TZ, London WB11.E.CJ1 


01-5885820 

=S 51ildr.Dec.18-025.4 132*4_1 ZU 

Do. Ac HOC. Unit—p£i: 1582)_4 Ml 

H! Next doling day Jsn. & 

Jfi Grievcson Management Co. Ltd. 

M0 M Gresham 5L.EC2P2D5. 01-8064433 

455 Bar’gta. Dec.SB._0046 

545 (Accum. UbltSl_0205 

5.45 Sign. BY Doc. 2*_ toll 

LA tr am UnlU)_1192.1 


. .. At rami rr Fnnd.—I6L3 

01-6684111 

MS American Fluid_£3.1 

Practical Invest. Co. Ltd.? (yKc) 

44. Bloomsbury Sq.WClAZRA 01-623 BBSS] 

Practical Dj<. 21 _U42.6 152.91.—J 

Accum. Units_(1992 2U6|—1 


3.95 

MS 


Provincial Life lav. Co. lBLf 
222.Bi5hopapaio.EC2. 01 WT6533I 


High Income. 


359 

7.43 


ZU.4 

239.7 

1792 


2DX1 
1586 

87sl +05 
90 Ja +*2 
49.7 
725 


4.U PrudL Unit Tst. Mngrs.? faJftKc) 
9J8' Hoi bora Ban. BEIN' SNIL 01-4058252] 

fg Prudential_{1225 130.0) -15) 423 

252 


2 j 2 QnDter Management Co. Ltd.? 

2.71 The Slk. Exchange. EC2NtHP. 01-6004177 
2-3 Quadrant Gen. Fd. .[11)3.9 106.9 —4 486 

L 05 QuadrantIncome.,P275 12051_4 


7.82 


7J * Guartflan Boyal Er. Unit Mgre. Ltd. ReUance Unit Mgrs. Ltd? 


Anabadur Unit BXgmL Co. Ltd 

I Noble St, EG2V 7JA. 


5S Canada LUe Unit Tlst. Rngn. Ltd? i§2 

S-S 52i^ar^MHeu fiCBSk: §4° 

- ^n-GeaDisL.-(375 3951-0J CM (Accum. Daitai_J6.9 

A«d»a« Unit Trmrt Bbnagem Ltd Sjlfl & HEtOZL »5 

J # ftBdm reh S. KC33KAA 6230231 Do.lne.Ac«ua,_[$5 g 3 ^ 

Arfe««U.T. |M4 47131 ^ cupel (Jime*> Mngt. Ltd? Royi B^tai?TC»roNT M4BBMU 088 f^2? 

M0Old BreedSL,EC2N1BQ 015888010 ratfftwrdUU Wm.|M 2 9!J)-O.fl CM s^Xt^A^T 0 Sfl-oJ IS 

rne-Mopthlymod.(U0.D iwof' y arn SSSSzZZZZZfeS TfQ I”! IS Eender8W Admin i rti athwta)? scUordrT.iac.__.Roi, «sA -a$ sas 

AibuttuMt Seeudties Ltd Mfc) Prte “ " ^ Sext drmSni; jKB - *■ 

ST.QneeaSi.LondooK^nBY 01-2985381 Cftrliol Unit Fd Mgr*. Ltd? fotfc) . 

Uilborn Hoose, Neweaatle-opoD-Tyno 31185 (freurapeaii_318 

CarUol__MJ 6753_| 457 teiFm- rfo^ — 

Do.AccumUqlm._(749 79 b|JZ| 457 WFimmaiTO M.7 

012 UD High Income-HtO 

«r> (t'inc. a Aswftx_32.8 

UlIatematioDal_ZS5 

(UKUi.Amerieaa,. 141 
gA- Grass Dec. 30- USB 

01-048 3009 W^WJd.^ocTMZZZ ^7 
Xn gCabot_fel 

859 

in 


-MEM 

6Wldnbawalj~K5 

wessfarv 

S&.UU. 


8B2 

8.02 

8B2 



_Jgl 
Si!? 85' 

. Units)_*72 

I Unlti_-__ 5*5 
.LoItaJ— OS 
__Siwth-— 135.7 

lessstB’ 


•Dec. 



i 9 EflSH 

+03 


Do. Accum. Units „p7B __ _ 

Next deuiog date Jan. 4, 


Rfl7le,gh ^227200 WagefieM Management Ltd 

38.71-oil 859 FO Box 40. Bank Hie. Mandatr. 08I23685S1 

44.7-05 3.62 Ridgefield IdlUT.M.O MjM_I 356 

33.9 -HU 140 Ridgofleld Xaeome. (92.® - S8.0) - " 

58.1 -DA 850 

245 ..... its BthcUd & Lwnds. Mgrs. (a) 
w.i —oa ib8 
354 J- 0 * 557 


Charteriwuse. Japhet? 

1. FUenunter Row. EC4 

CJ. la toman_I2L2 

Accum. Units__ 24A 

CJ. Income _*5.0 

CJ. Euro. Fin.235 

Acena. Units_u»5 

CJ. Fd.Iuv.TH_25.8 

Accum. Units 28.4 

Prices Dec. 28. Next dealing Jim.' 



bo(. Extra Inc. pi4 _, 

•Far tax ex coupe funds only 


27.3 -M 
■345 -O.flJ 
114.6s -€.« 

■26.6 +8.31 

82.B +l3 
I 7&1 +an 

54 An +0if 


9.18 


132 

113 

22S 

3% 

358 

a«L 


•St Sirilhins Lone, Ldn. EOL 01-8K43S8) 

New CL Exempt_0195 126B(_J 369 

Price on Dec. la. Next oeallag Jan. 17. 

Rowan Unit Trust Mogt. Ltd. 

CUy-Gale Hie, Finsbury So, 8C2 01-600 lOOBf 


HU Samnel Unit Tat. Mgrs-t (a) 


Rowan Am. DecJS. t25 
Rmrau Sec. Dec. 2S 158.0 
Rowan By. Dee. 29.. 525 

LAccnjn. Units)-725 

RwnJlrIc.Dee.38, 745 • 



01-628SOU (Accum Unitsi, 
SjM 



IS 45 Beach SL.EC2P2LX 
354 (h' BaiLish Trust—.(151.7 
*- (sl loti Trust 345 

i~S CMieftaln Traat Managers Ltd?(aHg) ><-5pdsnvSt— »5 

SSSS^SSt .awSrsSSSr^B 

~Doc.13.DiUy SSiSkSSiSLl^a 12 «Mra«*T&Wwlfy , — Sjve & PnHDer GrmD 

Arebway Unit Tst. Mgs. Ltd? (a)fc) BMtic BeMrcA T,L ^ —3 476 I»teL? (aMg) 4. Greet St- Helens. London EC3P SEP 

gr**-* --M.Wan# SSS^ltsISrffSSSSi. 

*- - *“ tt Neal mhov Jim. A gmwc mTL M e > w gA.iHB ^ Key Fond Managers Ltd iaKg) Save & Prosper Securities Ltd? 


250 
358 
7J0 

750 
.3(30 
3JO 

353 Royal Tst. Can. Fd Mgrs. Ltd 

94.Jexnvn Street.S.W.L 01-6298282 

451 Capital Fund_167.4 * 7111+13 358 

7^4 Income Fund._. (705 74.4)+1^ 7. r 

456 Prices at Dee. 30. Next dealing Jan. 13. 

au 


Mesa at Dee. XL Next mih. dsr Ju. 4. 

; Barclays Unicorn Ltd (aHgMKc) 

, Untamu So. 2SJ Romford Bd. E7. Oi-3345644 

Unkem America—W-9 52JJ -0JS Z26 

a AniLAcc.-gl*” - . JU +■: 

AusLIwl—_ M5-7 495s +; 

Dn^piWL^—gK_ M5 

:B95 6Ub 
. g95 74i 

‘ 


DO. Exempt Til— 

. Do. Extra income _1275 



'■•BS 5 S 1 


Do. Income Tat_ta5 

■Do. PzL A’niL TsL_u3C9 Mi. 

■Prices el Dec. 'O.^Nert subi^iyJ, 


2S,.MUk SL, EOVHJR 
nergy In.Fd—1723 
Jid S'A Gen—(643 


01-8087070. latermUonsl Funds 



Ito TrSSS and _ 11123 DUd -1. 

Dm WTdwtde TrHsU464 «9 -0. 
ffULHLrd.lnC_-ZZlgJ &55| 0 . 

Do Accum. -— -—[785. - 73.4] -0, 

Bating Brothers Jc Ce. Ltd? (aKx) 
68. LeedeohnD SL, E.C5. 015882830 

ceafcdKl.JB^ M 


CoemopoUtan Fund Managers. 

CopthallArc,LondonEC 2 RTJX 838B222 Mfafc^w-hu. 

_ Ctenmpoln.QUiFd.pJA 185) +05} 4.95 ^^^PtodZgB 

Crescent Unit Tst. Mgrs. Ltd (aXg> iwi^c&jfclSi 
854 4 Melville Ores, Edinburgh 3. 031-3284681 Klein wort Baum 
A98 Crescent Growth —1275 29-21 —0.1 4 .il —« r -i. t, 1 ... i. o rn, 

5.75 Cm.InternoCL_(47J 50.71 —05] 050 

6.05 Cres H( .+- Dint .. IS 7 eqjJ _ k S 773 By*. Unit Ed. Inc. -105.9 

4.01 CreeRraaves_pOA 435 ] Zjfel 4%. 4 K.B. UnltFdAc—flfej . H3JI+35I — UK Equity Fund_|44B 

HS «u u - , .. L & C Unit Trust Management Ltd? Ov e r s ea s nnbw 

Discretionary Unit Fond Managers The stock otm vhp ox -388 2800 S£S?Gth 1 ™ d ''“ 

Kit 22. Blomfleld St, EOM7AL 01-688448S LAC Inc, FU _(2275 15111_ I 7.72 uSjGJ^L*- 

P567 1672) +6.ZJ 5A5 LACInU AGcnFd.i” «bI_559 


i TO 

I a r t-c urin g Income Fund 
High-Yield Units-[54.9 
— _ _ High Income Funds 

unit M a n agers^ High Return. 

01-9238000 Income- 

jata - 31 


330 

3.8Z 

179 


595) -03) 656 


K3.4 til) -02J 

|435 4U|-0Jl 


755 

7.91 


47J] -05) 422 


Disc Income. 

EL F. Winchester Fund Mngt. Lid 
OidJewiy.FXS 


Lawson Seen. Ltd ?fsiKc) 


Commodity 


Greet Winchester— 
GL Winch 


ester—072 195) „ 

O'cesxp-7 2M - 


01-9062167 ®G«»rfieSl_Edhi^ghEH22JG. 031^263011 ^®JsS5TfU 


758 

S3S 


Entson A Dudley Trf. BZngnmt. Ltd 
aO.AxUugtouSUS.W.1 01-4997551 

Emsan Dudley T«_ (63.9 615)_( 5JB 


Next nib. dir 

BbhopSgste Progressive BgmL Co.? 

•.Kshopsfrie. E.C2. 0X5B86280 EquUss Sees. Ltd.?(aKg) 

.gtegsagjM MzJ is 
Sbrs»w wda 

“ ' Next sub. day Jan. 4. —Jan. 10. 


_,. Hal crisis_ 

Ace urn Unite)_| 

■Growth Fucd_ 

■(Accum. Units) __ 


"High Yield_ 

"CAccum. Units)_ 



tW^^y-By]) ■^|iftai'8m PqbiIi 

Select InteruaL_(2265 


Procrauive. 


.|M3 


01-8883881 
67.9) —05) 4A9 



Next suh. day Jan. LL. 


Bridge Fund Hanagersf<aHc) 

Eteg WiUtein EL. EC4R SAR 01-9234051 

Pine.--MB 50.91 

iGsp.IncJ'— M.0 362 .. 

Bl^ix Acc-t - 370 39.4 .. 

•RtampLt— lEP 1411 

•IntLIsc.t—. 156 145 _ 

ilndAcc.r. .14 8 151 

Me Doc. awL Dealing *Tn 


Equity A Low Un. Tr. BL? (aMbXc) 

Amen* am Rd, High Wycombe. 049433377 
EqnltytLsw_|647 - 6U( -0J) 458. 


DenL tUlon. *TuSu 1tW«L tTtarrs. -Fri. 

Legal A General Tyndnll Fund? wmmyR'** 

18, Crnumge Road, Bristol. 027232241 •Prices at Den. 

Scmm UaiSjmpB ' 7Ls| ™| 5J8 Sf.hlMinger Trust Mngrs. Ltd (aMg) 
ib. day Jan. 12. ancorpontlng Trident Trusts) 

140. Sooth Street, Dorking.' (0308)68441 




40, Sooth Street, Doridog. 

OMKjn iZSSF— 

5J1 Exempt High Y1<1- 247 
- - ' 345 

295 
405 
H5 


Brttnnnin Trust Manag«ment(a)(g) 


1 Pulldlogn Lcmdoa W» 


Assets. 


ISQL 


gS£SS=: 


H 

■ggsEzzM 

^g lTriBl mroi-gJ 

Nat High Inc._745 

Ncwtefie.-75.9 

Berth American... 277 


01-938 
7251 -0 6) 
53.3n -05 
5*5 -05 

74.3 -0 6 
0.4 -05 

190.3 ..... 
38J -05 

705 -Lob 

55J -as 

48.4 -0J 
3C.4 +0.4 

80.4 -0.4 
386 -14 

29.8a -02 


oSwons 


4.68 

3.95 

4J4 

542 

3.77 

9*7 

974 

4.76 


Next aub. day Jan. 12 
1-wMi^ AdminlstraUon Ltd 

Framlington Unit MgL Ltd (a) 3, Duke St, London WIMOP. 

5-7, Ireland Yard, EC4B5DH. 01-3468BT1 JaboDIA-DOB 74-3 —A 6 __ 

CnpdtnlTML_]U95 U5JI+L6I 3.85 7" Accum-1722 7Mf-1 559 

“Sfe—Lhiyiis Bk. UnitT bLH ngre. lid?(8)_ 

SJ'sISSir™-Ev iSSia™ ReglstrnE* Deot- GoriaK-to-Sca. lnt 10%WdrwL. 

Do. Accum.-199^ ZA3 Wortlllnjt Wort^nssex. 01-8231388 total. Growth_te5 

Friends’ FrovdL Unit Tr. Mgr*.? ^ tor-lri. Unite-1»5 

Pfxham End, Dorking. 0308BOSS Second (Cbp.l_05 S2Jn - 0 J 3.45 

Fn end* Pros. Uls.WZ.4 -0.4) 4.09 Do. I Ac cum 1_ h9J 645 -tU 245 

Da Accum.-|SU 57.7) -6^ 4.09 TOrdltocomO- 795 ,855-0.7 598 

Do. (Accum) _1B7J 115A -0.4 5.98 

G.T. Unit Managers Ltd? ^ |g 

12 Plusbury Circus KC2M7DD 0X9288131 - 


Market Lenders. 

•Nil Yield'_ 

Property Shares. 
Special SiLTs 


ZB.8 

235 
266 

Ik. Grib. Accum. 2X1 

•UJLGrtbJMst_(195 _ 

Next sub. day Jsn. 


207 

28J -0J 

26J _ 

26J _.. 
313 *as 
435n +0JZ 
33.7xw +0J 
457 -0 2 
26J -0J 
3X0* -05 
305 -D7 
2B.fi -07 

265 .. 

217 -0A 
215_ 


227 

246 

167 

$$ 

953 

255 

458 

430 

071 

236 

255 

554 

554 


G.T.Cap. toe 
Do. Acc 


Si 

C.T. Inc. Fd. Ua__ U0A 
G.T. UJi. St Gen13*0 
G,T. J apan* Gen_m.6 

OT toll Food_106.6 

G.T. FimrYdaFU...[53.9 

?G. A A. Trust (a) (g) 
5. Rayleigh Rri, Brentwood 
G *A-J3L4 


88J ., 
1043 
178J 
346.1 

230.4 

136.4 
USA 
57 An 


3 jo Lloyd’s Ule Unit Tst. Mngrs. Ltd 
*22 7290, Gatehouse Kd, Aylesbury. 

Equity Accum._p43.7 153.4) 

Xio M & G Group? (yXcXi) 

Three QttRys. Tower HID. EC3R BBQ. 01838 45E8 
See aba StockJ&rhnngeJTealtagn. 


J. Henry Schroder Wagg A.Co. Ltd? 


03985841 120. Cbea pride. E-C2 

_I 3.98 Capital DcJB_(9*4 

t Accum.)— _(1183 


249 

770 


I.G. Index Limited 01-351 3466. Three months Copper 678i-684 
29 Lament Hood. London SWlfl 0IIS. 


CLIVE INVESTMENTS LIMITED 
-1- Royal Exchange Avc. London EC3V 3LU. Tel. 01-2S3 1101 
Index Guide as at 6th December, 1977 <Base 100 at 14.1.77.) 

Clive Fixed Interest Capital . 135.19 

Clive Fixed Interest Income .- 128.03 


CORAL INDEX: apse 483-488 


INSURANCE BASE RATES 

t Troperiy Growth ... S}% 

Cannon Assurance . 45% 

* Ad^lrr 54 .shnwn under ln3urano* and Property Bond Table. 


tinn-iiiinriii ,v ■*-.: 

rt«»i Inirmt.' 

■ nmoini <>r ■ mm»' ...■ 

Mine*.■ 

to! In* Twill .j 

iteminc* Y* «ii|f in-it*)} 
lJI^K Kata' inet< i“n.i 


American——__ 

• (Accum. Unite)— 427 

Australasian_429 

(02777221300 (Accum. Units)_435 

33.5) -0 J] 452 Commodity-645 

-2 ...^» (ArcumTUniti)_183 

Compound Growth. 995 
CooverrioD Growth 4*8 

Dtridmd-1115 

(Accum. Unite)- 2055 

European-475 

(Accora. Units)—_ 47.6 

Extra Yield-BIB 

h Accum. Units)-186.4 

FsrEastern-——3*5 
(Accum. Units]—— 4X9 
Fund of Inv.Tria— 59.7 

(Accum. Unite)-7X6 

General-159.8 

(Accum. Units)-8427 

High Income.97.1 

B(Accum Unite)— 15*1 
Pnpan Income —— 1155 
ilAccum Unite) — U*D 

Uagnum-18*9 

(Accum. Units)_277.1 

Midland-15X9 

(Accum. Unite)- 244.8 

Re co v ery— . 735 

i Accum. Unite) 745 

Second Geo.-159.4 

im Unite)_2383 

5)_s_ 14*6 

urn. Unite)-pMJ) 


FINANCIAL TIMES STOCK INDICES 


Pa,. 

sa 


line. 

53 


|w. 

30 


78.09; 77.93, ■ 77.8ft 


Dec. 

23 


Ilia-. 

22 


Do:. 

21 


A year 


80 . 72 ! 

4B9.4j 

153.2! 

9.5X| 

I 8 . 74 ! 

8.4 


80.60J :80.54j 


ttolinci nwrkM.) 4.818| 

bquhv tnimwer Tni ..• — 

Squill- hnrcnina i>4a | . — 


490.6- 

159-Bj 

6.45 

16.57 

8.06 

3.563] 

65.98j 

12.14ft 


490.4; 

136.7] 

5.45j 

16.55) 

8.56 

2.489! 

46.31, 

7.4481 


77.52 

80.23: 

483.7 

131.6! 

5.52 

16.79 

8.44] 

2.2191 

31.51 

6.274; 


77.43! 
80.25] 
481.6; 
132.4! 
5.54! 
16-83] 
8.42 j 
3.729 
61.44 


77.60! 
80.17] 
480.0! 
152.9] 
5.56| 
16.67j 
8.42 
4,186- 
59.54! 


60.27 

60.42 

354.7 

119.8 
6.25 

19.58 

7.48 

4.019 

50.15 


9.554) 10.7541 11.370 


18 bJU. Ctfi. 11 a.m.JHI.i. Nnnn WI 
2 P.m 450.*. 3 P-nt- ■* S3 -3- 
Latest Index U-3M 8826. 

• Bated mi £ per cent, cnrimraunn lax. 
Baste 1(0 G<nt. Sees. 13.1078. FIspjJ Ini. 1_KB. 
Mine^ i: 9/'*3 *E- Acurltv July-Dee. 19C. 


1 p.m. 483.7. 


tN0=8.41. 

Ind. Ord. 1/7-39. 


Gold 


HIGHS AND LOWS 


t Cmreeted. 

S.E. ACTIVITY 


1877 


'.Since OiWipihUhm 


Hicli 1 L.w i High | L.»w 


l>«-. 

30 


Dec. 

29 


Oitri. Seer, 79.85 
; (M-th 
Xisr.1 InL...! 80.72 
: I2C.I2) 

I ml. Ord— ! 549.2 
; (14,3* 


(told Miner.! 


174.S 

ilf.lPV 


60.45 

t«/1> 

60.49 

J4.1) 

357.6 

CK-lJ 

95.1 

tl-?i 


1 127.4 : 49.18 

i fJ I.OT ! I3.1.7M 

• 150-4 | 50.53 

• 549.2 i 49.4 

, (14-S'«7»; (rr-AhJO) 

l 442.3 1,43.5 
1 ^-.b.it-l (ImK’+lt 


( —Dully 1 
I Gin-E>ixe«1...; 155.5 
t liiituatrieu....; 164.4 

1 *«vuhillve...l 42.2 
I I'nala. ........I 109.7 

! xbj' A 1 'rape! 

! Giit-Eilpe-i _ 

] In.liiatrial*.. 

1 Siw-u'niteT.. 

; r.iu a. 


11B.S 

114.7 

£8.8 

76.6 


111.3 
126.1 

27.8 
81.1 

119.2 

110.4 

25.8 
73.7 


FINANCIAL TIMES STOCK INDICES 


HU.,*.-,.! Group-' 206.74 210.76 210-34.207.97, 207.44, B06.41.14ai3 

.Z“? 231.14 233.23 232.94^30-79 230.29-229. lo| 163.41 

Ilh.llridK. W‘ 8Cft 

r.VIWto. a.™ 8.87, 


I'l blte.-ve. 


5.37; 5.51 • 8.321 5.351 
6.86 8 . 8 O: 5-78' 8.75 

iailsl 316.J4 215-W 313.99 213.54' 212.441151.96 


6.44 

8.53 


HONS KONG 


tliqig h-'Biii 


Dec’A) 1 Itor 35 


1 _ 


1.54 ; ti.58 

18.80 • 19.90 
133.00 ; 34.0 

jl.41 1.455 

10.80 I 10.70 
4 225 • 4.20 

68.005 


U.nl. Lsils LWc... 

AiMigemauri UuWicr...... 

Knraieu.-. 

I'liim. I.tjihl A fi-u-er. 

i'Hr ll -ivsc.. 

Liwtmp.-liiun 1 ‘rojierstc*.. 

Wniri tln< l«mi 'I 'innel. 

Hnnj; Km? ^urmtt - _ 

H uit K l»g VIV !■ n» sa»‘l ,n f !• f. — > gn 

ih'ug x.is gbhn«.. ,5 00 ; ,2 tq 

HjnJh.u7b.nlUsiuWhirr »2.«0 . 13.10 
ll.«K h-iug land lnte« .. .S'fo 

H^Zh.4iR’»l»K4i!ailbn> > 17.60 , 1.-40 
*i , .!injjh»li"lu t l<i.60 - - 

lnt« nraiii-jiBl..-! 
i«rf. pMifii! Avurltie*.. 

Jwiline 3jaito-H.il. . 1 

JiM.n* hw« .—— -•* | 

kuhher. 1 

Stow Datin'.......•{ 

teniibii Iter, t'up—.j 

tesfllMM lefliu* ........... ' 

J*Ue ttei-ir-r A . 

Ten.r v Ar,uHK<'„.„. 

D||iiri «' , |»l tliuig 

Mnn'ro . 

whpebvi. 

tl'iiif. r t...1u*li<u. 

Jvn.it. 

'Mhutr " — i-nti'eWrd 
** a XuulcbU 


SINGAPORE 


1K«*. SO I * ; Uec.eO 

8 


17 50 
12-00 
5.50+ 
1-80 
6.20 
0 5Cte 


15A!U 

7^68 
12JW 
5.90 
1.87 
6.20 


8.30 5.M 


2.26 

3.30 

11.89 


a.jo 

1.935 


: Seller. 


i aMls^irnilaTrud'g' 
U.Co.\ I.«9 -Hmeu l^ti. J 
BmiBirmlUlel l.Sfijl.M! totrhad' 


liunhi)*.. 

(MUM... 

Frau-1 Neuri-; 
Ha* Put—-i 
Hume in.!—, 
Inclmpe.| 

Jtntirw. . ■ ■ , 

Matey l«v«. 
31 *>«y L'rinl. 


JE 

2.5H1 

3.«J 


Knetneeni 
)V. UvV Bk..; 
;Wi*me.. 


6.P0 

J.FJ 

1.48 

2.94 

3-S2 


0 s^ln.rmciw.,3.34,'JJI 

Otemlra 1 4.CFi a . M 

1.11 

l.«5 
£L72 

3-8B. 


1.4*3 

2^3 

*.72E 

bl(4 


XVIIIhi J.eia. 

Aabbera 

Uhiii Uuianc 

.Ibml'pgKJitc! 


Mmi. T.tfxu>> .(DM e.lftKrmp"*. 

— Tins 
\J& :.\usirai. Am. 
2.C5 !!1r-rjunbiL.... 

is; [h'amps r " ui 
1.88 
L2J 
2.03 
2.50 


Uv'eUUin.Hh, 

iten Kiertiw. 
rinJunron Ci*.| 
ihulunau .... 
.ilK-lt.; 

sniw Itert-y..' 
C»»M ilnn*R»--. 
jriraUaMrani; 
)inuu 1 ime»; 


hnnui.,— m, 

'ikiirtMt.- 

InK-rr I'rial J 
Itteteiiiig Tln.I 
ISd|«rciucCp..] 


(iwic. U.1 5.93 d.lO r.mcniiHm.. 


uuq 

7.7: 


OE5l*l-t 

unq 

l.Te 

unq 


! buyer. — Utwuowo. zSeller. Itraded. 


4SS -0J 
4S.7 +02 
46J +03 

6*1 - 

. 7*7 ,.... 

1062 +05 
, 52J 
JA*2a +0.7 
ZM2 +X4 
50 An __ 

87 A +ffil 
1ASJ +0J 
4X1 -0J 

4*6 . 

63 An +0.4 
763 +D.4 
1693a +X1 
258i +16 
103.4a +03 
16*3 +11 
mi -L3 
12*5 -U 
19SJ +01 
239.fi +X0 
1601 +X4 
260.7 +23 
7* 4s +OJ 
. ,7VJ +01 
169 8a +X4 
2533 +20 
15*3 +12 
19*4+L6| 

Specialised Fonda 

iTfuriec -—039.8 147^ +00) 

Ucenm. Unite)-06*6 2771 +1A 

Chiuri baud Dec. 28~1 Jill — 

14*7_ 

17X6_, 

12V. C- 


0.92 

0.92 

232 

zsa 

509 

509 

3.701 

382 


Income Dec. 2*— 174.7 

(Accum Unite)_— 2SSO 

General Dec. 28 — MO 
(Accum. Unttsi— 97.6 

Europe Dec. 20_Z7.4 

(Accum. Unite)-29 9 

"PVChy Dec. 20—_ 1719 
■Spec! Et_ Dec. 82241 
■Recovery Dee. t_|U7J 


10X90 

1225 

IKLOn 

2634 

iSi 

29J 
31J 
177 2 
2310 
1921 


014MD34M; 
2.41 
2.41 
6.93 
6.93 
334 
334 
153 
138 
3A5 
337 
482 


+45 

+03 

+5.9 


■For tax exempt funds only 

70 S Scottish Equitable Fad. Hgn. Ltd.? 


780 28SL Andrews Sq, Edinburgh 
J* Income Unite——6X1 
g-yS Amim Unite— (573 

Dealing day .'Wednesday. 


fifld 


5.00 

500 


*U 

3A3 


Sebfitg Unit TsL Managers Ltd.? (a) 

403 FO Box5TXBcldhry. Use,E.C.X 01-2365000) 
4.03 Sebag Capital Fd. -BB.8 35.4] -0^ 3.49 

5.73 Sebag Income TU. _p9J 3X1) -02] 733 

820 Security Selection Ltd. 
il5 I B-lBi Unco In'* Inn Fields. WCi 01-83168360) 

in U&vlGtbTRAce—BJA 24.8 i 3J3 

401 UuvLCtbTRZnc—p*3 2XM -~i 383 

401 

707 Stewart Unit TsL Managers Ltd. (a) 


7 07 
401 
481 
509 
509 
409 
489 

6.40 

680 

1030 

731 

731 

580 


4* Charlotte Sq., Edinburgh. 031-2283271 

Stewart American Fnnd 
Standard Unite—(57.0 

Accum. Unite . 

Withdrawal Unite _(46.9 
Stewart British Capital Fund 

•Standard-0324 

Accum. Unite. 

Sun Affiance Fnnd Mngt Ltd. 

Sun Alliance H*e. Horsham. 090364K1 

Z «ij -Oj 3.S 




GhariM. Dec. 28—M13 
(Accum. Units)..—,069.0 
Fwm.gr ,DCC 23-P223 

Manulife Management Ltd.? _ T ,ji m faV -, 

SL George's Way. Stevenage. 00850101 

Growth Unite,_150A . 533]_ A 320. 

Mercury Fnnd Man ag ent Ltd. 


3* Gresham St, EC2P 2EB. 

Mere. Gee. Dee. 28_ 07*2 1*7.4) 

Arc. Uta Dec. 28_ 225.7 240J 

Merc, tax Dec.28._ 591 629s_ 

AccmUts.Nnv.30_ g3 675 ._ZJ 

MsrJ5)U>ec.20_, 2003 20*9 +1X9 

AccumUUJ>ec.28.^62 2460)+l£J] 


3L Graritam SL. EC2. 
Target Conunodlty.Dlg 
Target F in a nc ial—(623 


01-0004556 Z2 rect f& l &7' 




4.43 

483 

137 

137 

4.40 

430 


Ttogct EC Dec.33_ 204J 

*Do_ Acc. Units._ 270.7 

Target (Sit Fund _ 1248 

Target Growth-298 

Tormina-- 248 

Do. Heinv. Units_)2AA 

Target lav.. 


Target Ft Dec. 23P5B2 

TgLinc._-Taas 

TgLPret 


M3 


Mi dlan d Bank 1 Group 

Unit Trust Managers Ltd.? (a) __ 

Op artw eo d Honse, Sliver Street, Head. Coyr»e Growth Fd. _ 6*7 

Sb«ffleW.SJ3RD. Tel: 07+270842 ^ _ 

6.00 Target TsL Mgrs. (Scotland) (a)(b) 

18, Albol Crescent Edin. a 031-220882X2 


Dealings: 02965041 
34J2ri-0AJ 487 
67.7 -03 
39.9a -0.9 
2113 - 

ml i'Ks 

32( -02 
258 +0.< 

28J +05 
3*3-OJ 



488 
533 
6JD 
6 AO 
3.00 
4.62 
X22 
X22 
3.04 
4 AO 
903 
10.90 
4J3 


Commodity A Gen.. 1548 

Do. Accum. ——. [621 

Growth 133.4 



Do. Accum- 

Equity Exempt*—11078 

Do. Accum* ■ ■ —...11073 _.. . .... . 

•Prices at Dec. 30. Next dealing Jsn. 3L 


5*1 -03 
6*1 -05 
357* -05 
37J -08 
275s -08 
29.7 -0.4 
5XC -03 

% =Si 

-4U -X2 
63.1 —OJ 
C5J -03 
113.7 
1137 


6.00 

344 Target 
334 M 
*54 

lm Trades Union Unit Tfit Managers? 
2.n 100 , Wood Strm, ELCJL , 01-0388011 

f" TOUT Dec-1_1503 538)_ A 502 

7.96 

506 91-90 New London Rd. Ghelmstorda»S!U65l| 


tExnlr_ 23.6 2Ms +0M 134 

tThSle-«X 432 —0.7] 567 

Income Fd.„ 598 MX) j 1006 


Transatlantic and Gen. Sees. Go.? 


Barbican Dee.99—17*1 

—. ■ w- j „— «1 j (Accum, Uni t s).. — 1133 

Minster Fund managers Lto. Bsrbxnrn.Dcc.38 ns 

Waster Hfie, Arthur SL, ELC.4. 01-8231050 Buckm Dcc-»-798 

gssfefcsi «^.«S6fc=fi 

HL4 Unit Trust HgenmL Ltd. . Cumrid.Dec. 2 a— 543 

OWQueeoStreetSW1HWG. 01-8007333. Si 

UCLA Unite-|5X4 54AI+148) 3J9 ,XS.mU^to)ZZ at 

MUitrud Unit Trust Manager^ (aXg) g| 

UhCepd)6UAve,EC2R7BU. 01-8064803 VanGwthDec33- 478 

Mntusl See. Plus—,15X6 55N -flJ( 5.79 (Accum. Unttsi_ S7.9 

Mutual toe. Tst-te-9 70 d -O.d 727 Van d HY Dee.23 ^ 6*8 

Mutual Blue £tel»_ VB2 46.2^ -0j\ 5.71 Vang.Tlee DecJM 43.9 

Mutual UlghYld—1585 625) +X0) - 832 (Accum Uninu_443 

National and Commercial ■ ffggT.frg;”— go 

3XSL Andrew Squire. Edinburgh 831-598 9151 WtehDwDecAO—668 
Income Dec. 29-(1513 5U J 586 Do-Accma.-1733 

w| rj 330 TyudaU Manager Ltd.? 
lAecum. Unite)-(1560 U18) —J 3Jfl 1* Canyuge Rosd. BristoL 

National Provident Inv. Mngrs. Ltd.? 


1 =1 

a 


723 . 
45.9b . 

46J . 

Mi . 

743 .., 

69A +L3j 
7*3 +X4 


OFFSHORE AND OVERSEAS R DS 


Arbathnot SecnriUes (CL) Limited ndelity Mgmt. A Res. CBdaJ Ltd. 
P.0 Box 284. St. Hclicr. Jersey. 033472177 p.O. Box 670. Hamllloa. Bermuda. 


159 

3AS 


Cap. Tst.(Jersey)—.1114 0 11*0)_ 

Next deslina date J*n. IX , 

East&tou.mnni-Uilo uao)_| 

Krai sub, Jon. 1* 


Australian Selection Fnnd NT 
Market Opportunities, e/o Irish Voong 4 
Outhwalte. 127. KentSydney. 

USS1 Share*—.—IttSMl - i+OjOl) — 

Net asset value Dec. 2D. 


Basque Brnzelles Lambert 
|Z Rue de la Rneuce B 1000 Brussels 
Renta Fund LF-pMZ 2002) -10) 


Fidelity Am. Ass_ 

Fidelity Im. Fund. 

Fidelity Pw.Fd_ 

Fidelity Wrld Fd_ 

Fidelity Stcr. Fds._ 
Series A (Into! J — 
Series B iPard!ct_. 


Sl’SZllfi 


SU53903 

+060 

SUS3839 


51'SlZfi* 

+0« 

m3 

—... 

£6 03 


£33.60 



Kemp-Gev Management Jersey Ltd. 

3. Charing Cross, St. Heller. Jersey. 053473741 
Kemp-Cee Cap! tal .[B7.4 
KempGee Income. |65.7 


678riU 


Save A Prosper International 
37 Brest! Sl. SL Helli 


First \Udng Commodity Trusts 

& SL George s SL, Douglas. I 
0624 468* Ldn. Acts. Dunber 4 Co. Ltd, 

63. PsD Mall. London SW17 SJH 01-D307657 


Keysele* Mngt. Jersey Ltd. 

Ft) Box9* SL Holier. Jersey.(Eaq01-8067070) 
Foaselex. . -]FrlMt 

Kejwclex Int'L__ ,l£5.95 

KeyselM Europe„,u3.S7 
Japan Gih. Fund.—[1*79 
Key sclex Japan —E759 


Cent. Astate Cap.. 



£129.66 [+*04 — 



0534-30391 
7.86 


Channel CapUal+ u . 
Channel Islands* 
Commodity****_ 


839 


FsL Vik.Cm.Tri. _.£ 
FlLVk.DbLOp.TSt _ p 


-I 


66 

3J0 


Bk. of Lmdon & S. America Ltd. 

40-60. Ouccn Victoria SL BCA 01-9302313 

Al exan derFund—j SL'56.44 J.j — 


Net asset value Dec.! 


Barclays Unicorn lnt (Ch. Is.) Ltd 
1. Charing Cross. SLHeher.Jny. 0S8473741 

Overseas Income-[53 9 56.7] +05) 981 

Unldolter Trust—PUSDN mij+a.uj 480* 
•Subject to lee and withholding taxes - 


Fleming Japan Fnnd SA. 

37. rue Noire-Dame. Luxembourg 
FlingJap.Dec.21-.) SUS3656 |_| — 

Free World Fnnd Ltd. 

Butterfield Bldg. Hami lton. Bermuda. 

NAV Nor. 30_| 5VS16X56 | ._.J — 

G.T. Management Ltd Ldn. Agts. 

Park Use.. 18 Fiasbtny Circus. London EC3. 
Tel: 01438 SOL TLX: 688100 


King A Shassort Mgrs. 

1 Charina Cress. SL HeUer. Jc 
1 Tftomas _ 


Gilt Fundee 
Gilt Trust 1 I .0 


Jcncyj, 
J.o.M) 
imL Cwl gees.'. _ 

Fira Sterling_ 

First lull 


.•SUP 

Funds 

J7.4 z».4 +031 us 

467 1«| -S« 4.71 

_, _j24A 138.7) -...A — 

St.Fxd.tol.~n_1248 13U]_1 1059 

FTiecs ou "Dec. 19. —Dee 2* —Dee. 2* 
^Weekly Dealings. 

ScUcstnger International Mngt Ltd 

41. U Motte St, St, Hclicr. Jersey. 0534 7359*. 


SA.O.L.. 


P581 1615) J — Gilt Fd___253 

licsnu 173791 - J«a.w. Mgj 

totalFtLLxmmg. (9.93 



*06 

4J5 

10.71 

3.45 


4*04 — 


Klein wort Benson Limited Schroder Lite Group 

SO, Friichurcfa St, ECS . 01-0238000 Enterprise House. Portsmouth. 070327733 


EurinvcsL Lux. F. 
Guernsey Inc. 

Do. Accum 


Barclays Unicorn InL(LO. Man) Ltd 
1 Thomas St. Douglas, IaM. 08344856 JtochwGlUEdtt” 


UnJcorn AusLExt. 4X0 

Do.Ac.-Ujji- B& 

Do. Grir. Pxclfic_54.6 

Do, toll. Income_39.6 

Do. 1. of Man Tsl— 697 

tv sr.-v u„Mr<l 235 



__ X bUruslInisl Ud. 

C/0 BL of Bermuda Front SL, HaraUn. Bmda. 

.96 1X04). 1X50 

"•M 4.68 

79 *M _ L64 

B 4jS_L62 


AoehorloJsy.^Z 

Anchor 'V Units_ 

Anchor InL Fd.., 


G.T. Benunds LU 
Bk. of Bermuda. 
BcnyPacF.—- 
G.T.SFU._ 


Blriiopsgate Commodity Ser. Ltd 
P.O. Bos 42. Douglas, Loll 062+23811 G - T - >***■ (Aria) Ltd 

AfiMAC-Dec.5—] SUS2SJ1 
CANRHO— Pee. 5- EX634 

COUNT—Dec. 5._ I E2J78 

OriglnaUy issued at rSlO 



KB Fhr East Fd.. 

KiilntL Fund._ 

KR Japan Fmut- 
KR.irs.Gwlh.FU.., 
Signet Bermuda — 

•unHonda (DM)_ 

■KB act AS Lou 


1.012 


£*3 

[7X3 77j) 

SUS955 

susiifa 

SUSH57 

518.49 
, SUS452 
17.90 lBBOl 


-L01 


63.4) 


+086) 


496 

.... *16 
.4 416 
X47 
xm 
*65 


+mn! 


X77 


luternatlousl Funds 
^Equity-(103.7 UOJ . 

S&quiu-hl3.s is)j . 

£Flxed Interest_(142.6 15X7 _ 

SFixrd Interest_(10X9 10*4 . 

£ Managed_0232 131.E . 

XMntmsed__fl07J 114J . 




J. Henry Schroder Whgg A Co. Ltd 

01-5884000 


062+2381 

lanj-ula - 


dtto paring agmte only. 33D>aiMp!ll|Je m 

XB8 Lloyds Bk. (C.L) U/T Mgr*. ^SSwNo?307 MiOTOBa 

*75 P.O. Box 195. SL Heller. Jersey. 05M2T581 Asian Ftt Dec.38., HISE* 1370| 

U07,UT NmS^Sftjato JSLisr* ** SSStt&zszWn = 


+0J» 249 


365 

*10 


Bridge Management Ltd 

P.O. Box SO* Grand Carman. Cayman Is. 

JTbaxbJ D«C. X——I Y12^«3 | — 

GP.O. Box 59* Hope Kong 

Nippon FVL Dee. »aa UN «_j *70 

Britannia Tst Mngmt. (Cl) Ud 
i30 Batb St, St HeUer. Jnscp. 063473114 

Growth Invest——B2.9 355)+0 31 3.40 

total Fd--—|6X6 WS +o3 1.00 

ua.g +o3 1 s» 

__ ._ _ 5Aw+0ii| 150 

UnlvsLSTrt.Sta.—,l£242 259+01 


Value Dec. 3* Next JauT* 


Hutchison Hse, H nrcou rt Rd. Hoag Song 

u+wouriiw—I ‘- 1 . 7 Rue du Rhone. P.O. Box 179.1211 Geneva II 

G. T. Management (Jersey) Ltd UoydsInt.Growth.(STOW 35Z5D|_I 159 

ROrfUTkt, Hse, Colomhcrie St Holier, Jerw Ltoydalnt. Income.(snn.0 3M5| ,__J *40 

G-T. Asia Starling... |Q*aS 1X63]_ A L72 

Bank of Beramda (Gocrassy) Ltd. M & G Group 

31-33. Le Follet. Cnmuey Three Quays, Tower Kin BC3R 6BQ. 01JB8 4SW 

BenyFbcStdg.—J199.00 22736)-| L38 All an tic Ex Dec 28. BUSS 2751_| — 

Gartmore Invest. Ltd. Ldn. Agts. ' snu “1 - 

2. SL Mary Axe. London, EC* 01-2833531 Island-0*3 117 - 5 ; -C-.v 9351 

Gartmore Fund nun. (PUr Earn) Ltd. (AccumUnits)_~_|154_1 16*6)+0J* 8331 

IS03 Hutchison HwJOHuram RdJLKoog 

u.T sl_ gHELg 25g-4RSj 24* Samnel Mcmtagn Ldn. Agts. 

M X-w r'.;—I pwib tei«a -1 _ 114. Old Brood St, £C2 

InOBondFund.Urts] - .ApolloPJLDec.21-BMifiS 5 * 

JftDfest Dec. 1&-KHIWJW 9 . 


Butterfield Management Co. Ltd 
P.O. Bob 146, Hamilton, Bermuda. 

Buttress Equity—[2.95 X98( J 280. 

Buttress Income.-JX9« L9U A 7.09 

Prices at Dee. id Next sub. day jaa. 9. 

Capital Internaloual S.A. 

37 rue NoCnsDame, Luxembourg. 

Capital InL Fund— | 5USUL69 I — 


durtetioosc Jnphet 
L Patera osier Row. EC4. 

! 


01-2483 



CornhiH Ins. (Gnenuey) lid 
P.(X Box 157. BL Peter Port, Geernsey 
IntnL Uszl Fd. [15*0 170.4)_| 

Delta Group 

P.O. Bex 3012 Nassau. Ushsmss 
Delta Inv. Dec. 30 —|SX35 X42t+*0g 


Gartmore Investment UngL Ltd. 

P.O. Box 32 Douglas, IoM. 
toteraational Ine. 

Do. Growth. 

Mamhr w Psplfli* Fnnd M gnit Ltd. 
ZlIO, Connaught Centre: Bitmg Koog 

Far East Dee. 26 1935 9.87).I — 

Japan Fond_{S0aM5 575)+04) — 

Hambros (Guernsey) Ltd./ 

Hambro Fond Mgrs. (CLL) Ltd 
P.O. Box 8* Guernsey 0181-30521 

CJ.Fuud.Dec2_1237.2 24*1 

total Bond 

InL Equity-__ 

InL Savings 'A'__bCSLH 

InL Savings ‘B*_JSDED.9B _. _ 

Prices on Dec. 2* Next dealing Jan. 4. 

Henderson Baring Fond Mgrs. Ltd 

P.O. Box N4723, Nassau, UahflmBc 

Japan Pd. __(SVSU7I lUNj_.1 — 

Prices on Dee. 2* Next dealing date Jan. IX 

Hm-Samuel A Co. (Guernsey) Ltd 
8 LeFUtrrro SL, Peter Port Guernsey. CA 
Guernsey Tri.-{159.7 264.4) -06) 352 

HUI Samnel Overseas Fund S.A. 

37, Rne Notre-Dame. Luxembourg 

ISD517J1 DMJ+0JT7) — 


Singer & Fried lander Ldn. Agents 
30.CnnnoaSL.EC4. 01-2489646 

Dekatouds-IDII2L09 Z75R_| *H 

Tokyo TSL Dec. 29_| SUS29J6 [_| 206 

Snrinvest (Jersey) Ltd (*) 

P.O. Box 9* Sl Heller. Jersey. 033473623 
American Ind.TsL-|£7 50 7.65)-0J5I U1 

CopperTrust-K1058 1073-023 — 

Jap. Index TSL_k*68 8J6] - J| 

Sarin vest Trust Managers Ltd. (x) 

50. Athol SteeeL Douglu, LoJL 00423014 
The SUvcr Trua „J96J 9*11 -OB) — 

TSB Unit Trust Managers (CL) Lt«L 
01-5886464 Bagatelle Rd,SLSaviour,Jersey. 053473494 
Jersey Fund -._-_|452 47J 

GurmKCV Fund_1452 +7.1 

Prices on Dec. 29. Next sub , 

Tokyo Pacific Holdings N.V. 

Inllmis Management Co. N.V, Curacao. 

NAV per share Dec. 27 SUS3234 

sasfe^raMi FTT Tokyo p “ mc magB ' tseabw ^ n v - 


««» 3R«^teStBRS , ‘ 


X90 

xn 


Murray. Johnstone (Inv. Adviser) 


7. U3M tdWft 

a=j iss 

> day Jan. 3 



4.0 

600 

2.50 

*00 

259 


■Murray Fund ——I SUS9 67 
•NAV Dec. 15. 

Neglt SJV. 

10a Boulevard Royal, Luxembourg 
NAV Dec. le..-1 SUS9.79 ]-1 — 

Negit Ltd. 

Bank of Bermnda Bldgs. Hamilton, Brmda. 
NAV Dec. 18-1 EX75 | — 

Old Court. Fund Mngrs. Ltd. 


I n t i m is Management Co. N.V, Curacao. 

NAV per share Dec. XI 3US3&69 

TyndaU Group 053437331 

Hamlluw, Bermuda. & SL Hclicr, Jersey. 


Over seas Dec. 30- 

(Accum. Unite). 


KttSIK 
BL SL57 I 


TASOCDcc. 30-BlISUS 


3-way laL Dee. 2*„| 

TAFSLDec.30_ 

lAccum. Shares]_ 

TASOK Dec. 30_ 

(Accum. Shares)_ 

Jersey Fd. Dec. 30 _ 
(Non-J. Acc. UU.I— 


totLFd.DM.15—82.7 
Sm.CD.Fd. Dec JO _ 2425 


n-S4H 

£6.75 

0015 

00.0 

BOB 

1836 

25*4 

1166 


xia.ejui 6.M 

lit *0.01 — 

in +003 - 

2.485 _ 

72t 6 00 

10. B8 +0.10 _ 

OA5 +L0 — 

94J +X0 — ‘ 
194.1 +5a 7 JO 

2S56 +7.4 — 
1191 +0f 10*9 
145J +X0 - 

1326 _ — 


P.O. Box 5* SL Julian’s CL Guernsey 0481 36741 
O.C. Country TxL'_|m.7 1XUI+3.fij 168 

[Beutscher Inveslment-Trasl Iiiti I nntlnnn! Pwin. gcnvt. 1iA °"*i , riraii t n5' dealing'i'aa. 13 

'Foctfich 8685BiebergaMeff-lD 8000 FfeBnkfiirL tPrice on Dec. 2L Next dealing date Jan. * 

ICosicentrB—i— |DU2*U 2L.4M J — ®°x R2S7, 9* Pitt SL Sydney. AusL 

J InL Ren tenXondi_.il DM7251 7 )m| _ Javolin Equity T*..|5X99 205)+fljnS — 

JJS.T. Managers (Jersey) Ltd 
PO Box 194. Royal TM. Hae, Jersey0534 27141 
Jersey Extra L Tst-1129.8 1506) „_.J — 

Aa at Nor. 30. Next sub. day Dec. 30. 

Jardine Fleming A Co. Ud 


P.O. SB, SL Juliana Cl, Guernsey. 048126331 Gill Dec. 30_„_ 

Eqjty. Dec JO_|49.6 52.9+051 258 IAccnm.ShamL_.h428 

toc.Fd.Nor.1_IlfcLO 2712)3 —J *37 Jmy.Man.Dee.22_|l2SJ 

XU Utd IntnL Mngmnt (CX) Ud 
H M ulcaster Street, Sl Heller, Jersey. 

Old Court Commodity Fd Mgro. Ltd UJJXFnnd.-1 SUStofl 1 .—A US 


Dreyfna Intercoutuental Inv. Fd 

P.O. Box 143712. Nassau, Pahamno 
AVDec.29-ISLmfl 1129)_| — 

lEzuson * Dudley TstMgUroyXtd 


Phoenix International 

PO Box 77, SL Peter Port, Guernsey.. 
Inter-Dollar Fund-pDSXM 241) — 


P.O. Box 7* SL Heller. Jersey. 
IBJXLCX-{11*3 1236) 


053420991 48Lh Floor, Connaught Centre, Hong Kong Sterling Fond 


..j — Jardine EstaTsL- 


F. & C. MgzaL Ltd Invi Advisers 
l-3^nran ceFountney HUI. EC4R DBA. 

CenLFd-Pac-21_| SUS440 ]_I — 


Jardine Xml FdL**, 

Jardine S-tA._ 

J+nime Phlp. Tst_ 

Jardine Flem.toLt. 
NAV Dec. 15. 


SHK21924 

|SHH2fe3i®J 

ISUSIX91I 
SUS10.40 

■ SHSB.90HMP 
Equivalent SUSCOB3. 


Next sub. Dec. 3* 


Property Growth Overseas Ltd 
28 Irish Town. GJ hraltsr. 

UR. Dollar Fnnd .-) SUS9411 j 


United States Tst. IntL Adv. Co. 

14. Rue Aldriuger, Luxembourg. 
uR.Ta.tov.pad...i susio.09 r+njcrxi 0.99 
Net asset value Dec. 29. 

S. G. Warburg & Co. Ud 
30, Gresham StrceLBCZ 0I-8D0495S 

Cn.Bd.Def.28_| SUS929 

EuCT.toLDec.28_ NUS26J09 
Gt/&. SFtL Nov.30.1 $1)5*44 

Warburg Invest. Mngt Jrsy. Ltd 
(Gib)6106 X Charing Cross. SL Heller. Jgf.CT (S34 73741 
...j — Off Ltd. Nov. 24. _r . 


vt-onw 

lEjE 


OtTUd.Nov.34-_ 
Metals TsL Dec. 15. 
TUTDec. 


m ®°Y*) Trust (Cl) Fd MgL lid TkTLtd. Doc.15_ Ieium 9 

3.70 P.O.Bex 194.RoyalTsLHse-Jersey. 093427441 _ j 

— R.T. inn. Fa._tsusufi 9651 .._.) 3.0a —otiu wide urowui management? 



Prices at 


Next daaMwf Jan. 13. 


lOu. Boulevard Royal, Luxembourg. 
Worldwide Cth Fd| SUS1320 1+0.13) — 


INSURANCE, PROPERTY, BONDS 


Abbey Ule' Assurance Ce. Ltd 
1-3SLPanl'aChtBchyard,EC4. • 013489111 


Sdertrve Fund_ 

Convertible Fund - 

money Fund_ 

tau. Ptufieftl_ 

Pens. Selective._ 
Pena Security^—. 
Pena. Btanaged 
Pena. Equity _ic 
VProp. Fd. Ser. A 
VMan.Fd.Ser.4 
VEqnityFd.Ser.4- 
VCoov.Fd. Ser.4_ 
VHoueyFd.Ser.4_ 
Prices si Dec. a* 


K.4 

294 

137JZ 

142.9 

93.4 

127J 

11*2 

1602 

794 

1305 

165* 

1519 


a*4 

sss 


36* 

310 
144.5 
1505 
*7* 

133. B 
1245 
26*5 

vai 

SSfl-3 

1247 


~. *S?ces on -Dec. 2a -Dec, 29. Dee. 30 


44JJ 


+3JX — 


a 


Valuations normiii^ 

(Albany Life Assurance Co. Ud 


Tnes. 


Credit A Commerce Insurance M & G Group? 

120. RagenL St, London W1R3FE 01-4387081 Three Quays, ‘tower HDI EC3R 6BQ 01-626 4588 

C4tCI4ngd.Fl-ri2LB 130.91—| - PeraPwtslon"-—^; - 

Crusader Insurance Co. Ltd — IMI Her 

Vincula House, Tbwer PL. EC* 01-6368031 Family 7*80-_ 15*0 

Gth. Prop. Dec. 6—16*9 7X1J.) — FtadlyBLOS--15B2 ~ 

Eogle Star InsnrfMidland As*.- tote™tnL Bwad**! S7i* 9X7 

L ThreedneetDe SL. EC2. 01-5881212 MauagalBd—— lffil 1315 

Eaulertfld.United|SX4 M3)-05) *72 g?® furidT" 762 ^L2 

Equity & Law life Ass. Soc. Ud? Reeovmy Fd. Bdl*-B75 Mi3 

Amernham Road, High Wycombe' 049433377 AtoeriamFd.Bd--.l46J? 4*6) 

Equity Fd._:_R09.9- 1156) - 

Property Fd._U0X2 1065] _ 

rd Z Merchant investors Assurance? 

Mired Fd. __ |lo£o 1136) -06j — 125. High Street, Croydon. 

General ForifoHo Life Ins. CL Ud? - 1 *** 


Scottish Widows’ Group 
PO Box SO* Edinburgh EH105BU. 031-6556000 
toTFte.Serios 1,_„ 

Inv. Ply. Series 2_ 

luT.Casfa F Dec. 23- 

Ex UtTr Dec. 21_ 

Hgd Pen Dec. 31 _ 


— Solar Life Assurance Limited 



— 107 Cheaps! de. EC3VSDU. 


Sol sr Managed S__ 

Solar Property S_ 

Solar Equity S ..—_ 

SolarFkd tots_ 

Solar Cash S_ 

Solar Managed P 


<bi ‘®*5 1 5. x P 1 - ow Burlington Sl. W.L 


|vFSJte?toLAcc._ P392 


r Fd. Acc..—T174.4 


fVGtiLBtonoyFdAc- 112.1 
Vlo ILMau. Fd_A cm. 995 

_ -Pd-Acc-M5.6 

• Iijy. Acc—2566 
Equity PenFd. Acc. 2035 
Flx«LPenArc— 2715 
GTdJJonFen Arc.. 124.9 
IntUbLPnFdAec _ 1055 

, Pen-Aec-U76 

IITple toyFetUtec-tlSZ.* 


01-437raea Portfolio Fund... 
1B5 . 

14*5 . 

118.0 

1048 _ 

11U . 

1675 . 

213.4 . 

1H2.4 . 

132.4 . , 

1105_ 

12*0 __ 

2024 . 


60 Bartholomew CL, Waltham Cross. WX31871 Mer.Tny. Man. Fd. 

Portiolio Fund-1 12*2 |.| — Her. toy. Ply. Bd. 

Portfolio Capital _pX4 436) — KquityBood- 

Gresham Life.'Ass. Soc. Ud hSf' vS? -! 

2 Prince of Wales Rd- B*month. 0202 761655 Equity Pens.__ 

GL Gill Fund-|11A8 122.9)-1 - S» , 'WP'. Pt «' 

Growth A See. Life Ass. Soc. Ud? “^1 „ 

Weir Bank. Brapou-Thames, Bnkx. TeL 34284 FenOOU* Ltd 


24*8 

1047 

342.0 

605 

14*1 

2344 

170.6 

13*9 

18*6 


iSlSgffiSS. 1 '- 

Solar FxdtotP 
Solar Cash P— 


-*•3-71 


+05 - 

+0.4 — 
+OJ Z 

Si r 


[12*4 

1042 

152.6 

l ?1 6 

9*6 

12*3 

1045 

1525 

12X5 

995 


01-6060471 
133.31-06 — 

109.7 . — 

169.7 -16 — 
128.0 +0-1 — 

104.8 +0J — 
1335 -0.6 — 
1096 ...... — 

1602 -16 — 
127.fi +05 — 
3047 +05 — 


Sun Alliance Fund M angmL Ltd 
Son Alliance House. Horsham. 040364Xtl 
>.raJatPy.I4.|a5 X9^ ^1 63J|-1 - 


Exp I 
. InL Ba. Dec. 29- 




Flexible Finance— 

Landbnnk Sees. —L_ - 
Londbaak Scs. AceJn*9 120, 
G.&S. Super Fd._) £*897 
Guardian Bopd Exchange 


|AH£V life Assurance Ud? 
iAlnHie.61miBd.Rdne. Rtdgate 40101 Boyal Exchange, E.CA 

AMEV Managed—Q25.6 U2.+! f —-- 

|AMEVMgd/R'-105* 11X1_ 

LAMEV Money FU— 103.0 1084_ 

1AMEV MgdjVnFd %_9 1025 _ 

AJUEV Mgd.Pcn.'B* 975 1031 -... 

Fled plan-:— 99.1 1045 . 


MUton Court, Doridog, Surrey. 

Nelex Eq. Cap-P46 

Nelex Eq. Accum. -1132.9 
Nelex Money Cap.-1623 65> 

Nelex Moo. AceMi 67.1 

Next sub. d«y Jan.: 


5911 



Son Alliance Linked LUe Xus. Ltd 

Sun Alliance House. Horsham 040304141 

Equity Fund-[962 JBlJj_— 

Fixed Interest Fd_ 95.0 100.0 ..._ _ 

PropertyPtand— 9S.D 100.0 . — 

InterWlonn) Fd. „ B7J 9X1 -2.4 — 

Deposit Fund-955 1002 — 

Managed Fund_942 995 -OJ — 


Arrow Life Assurance 
30 Uxbridge Road, Wli 
SeUUk.Fdl Qp.UaL.fi47 
Dot—[949 


Managed Cap. 
Managed Acc. 

01-7+89111 Overseas_ 

633 —0. 
ioo3 ' 


l-«3 - 


01-3837107 

Property Bonds11574 1*3.91+X7) — New Court Property Fnnd Mngrs. Ud 

Hambro Ufe Assurance limited ? SLSwithinsLBne.Loadoii.EC4. 01-6S64336 Sun Life of Canada (U-K.) Ud 

701d Park Lane; London, Wl 01^*0031 N.CLPrJ. u Ud^+UI - 2,3.4, Cockspur SL, SW1Y SBH 01-8305400 

12?.7)+D5| — 

NFI Pensions Management Ltd MsplrIi.Eyy~ 

4*GracechmchSt,BC3P3HH. 01-6234200 PersnLPtLFd.'- 

Managed Fund-~,|1511 157.4)+6.9) — 

Prices “ — 


Fixed InL Dep-[1232 

Equity.-hi*2 


Propert y - 


Barclays Life Assur. Co. Ltd 
pa Romford Bd, E.7. 01-5345544 

Barclaybonds--01*5 - 124.1 . 

Eguttjj__-tU05 UkA +06) - 


Managed-BfflU 

Money--—.W.6 

Man-PcnsAccum. _m.fi 

Do. Initial_(9S8 . _ 

• . 1044 

_ 103-9 

Money Pens. Acc. _»*5 lOLg 

Do. Initial-1955 1007. 

-Current unit value Doe. 2L 



+o.ri — 


135.9 
1643 

_ „_U*9 

Gilt Edged__1242 

PenJ ? 4-Dep.Cap— 126.0 
PctU'JJJepAcc-.. 2446 

Pen. Prop. Cap.-195.0 

Fen. Prop. Acc.— 2«*9 

Pen. Man. Cap_2055 

Pea. Man. Acc-2S9.4 

Pen.GiltEdg.Cap.. 123.6 
Pen. Gilt Edg. Acc.. 1331 

Fen. R5. Cap.-12X3 

Pen. BB. Acc-[1356 

Hearts of Oak Benefit Society 
EuitonRoad, London, NW1 
Hearts of Oak-[37.1 


PB33 


1775 +25 — 
16X4 +25 — 
1435 +LS — 
1730 +2J — 

1235 +«J — 
1302 +02 — 
1327 +0.1 — 

1523 +0.4 — 
2053 +X4 ~ 

259.4 +25 — 
2155 +5.4 — 
273.1 +75 — 

135.4 +32 — 

$3 33 = 

1426 +15 - 


199.1 

13*6 

1241 

2045 


01-830540 

m 


- fffiU Samnel Ufe Assur. Ud 


01-3875020 Wealth Ass. 
355) — BbT.Pb.Aac. 


i Dec. 30. Next dealing Feb. L 
Norwich Union Insurance Group 
POBnxL Norwich NR13NG. 090322200 

Managed Fund .—..@0.0 2ZL0J-051 — 

Equity Fund_3305 347.4 -Lfi - 

Property Fnnd — 1203 12*6 ...... — 

Fixed InL Fund — 163.4 172.fi . — 

Deposit Fund_— 3SX6 106.9 +flJ — 

Nor. Unit Dec. 15—| 1973 __ 

Phoenix Aimaianro Co. Ltd 

4-5, Bing WUllam SL. BC4P 4HR 0X6280878 


Target Life Assurance Co. Ltd 

T»r|el House, Goteh oure^Rd, ^Ay] 


EhV Wt.Kq.K, 


- :UL^-[ — Rc*PlaaMna.Cap_ 

- 1 __695 J —■ — GUXPenAcc_ 

-1695 73.0) ..._J — Gilt Pea.Cap_ 


Kan. Fund toe-962 

Man. Fund Acc_11*3 

Prop Fd toe._1025 

Prop. Fd. Acc.- 12*0 

Prop. Fd. to*-- 99.0 

Fixed InL Fd. toe. UD.B 1171) 

Dep. Fd. Acc. Inc— 9*7 102.3 

Ref Plan Ac. Pen,- 7*7 623 

RcLPlanCapJ¥m_ 62.6 . 

RaxPIanMmUtec.. 12*1 132.4^ 

RrfJPlanMan.Cap- U72 124.d 

GUtPenAcc_1406 . 14*71 

Gih Pea.Cap-1355 143.lf 


+xg — 


+oa 

+161 

+05, 

+0-9) 

+6-3 

40# 


— NLA Twr, Addiscomhe Rd, Croy. 01-886 033 P«p. Equity & Ufe Ass. Co.? 


Beehive Life Assur. Cou Ltd? 

bx Lombard St, BC3. 

Black Hearse Bd—) 13251 1+552) - 

Canada life Assurance Co. - 

(2-6 High SL, Pottees Bar. Herts. PRar 51122 

Grth. PH. Dec. 1„| 576 j_| — 

BctaU-FodJJec. 6 1365 |_J — 

Cannon Assurance Ud? 

L Olympic WY, Wembley HABONB 01-B02BB76 

Equity Units_(06.46 — (+0JS) — 

' Unit*.-937 — 

mVEkec, 0X11 ZX7H 

_fl/Er*T . F1714S HIM 

BaL'BdJtotecATniL E5254 13 3§ 

Deposit Bond- 1D9J 1157) 

Equity Accum..— 168 
Prope r ty Arc am.— QX55 
Mngd. Accum. ——1X520 


♦ P roperty Units_1424 

Property Series A, 9*4 

Managed Units_1580 

01-6231288 Managed Series A_ 98.4 
Managed Series C-927 

Money Units-1185 

Money Series A-95.6 

Fixed InL Ser. A_945 

tote.Hgd.Cap-M65 

PtiS.Btod.Acc-- 1523 

Pns.Ctd.Cap_[ 

Pus. Gtd. Acc. 





!48» Gnceehttrch SL. EC3P 3HH 
NJ.LGlh.Un.Tri_ (465 49. 

Utu. Units'* 

CTseas. Trusts 


01-6234300 
+0.11 3.65 
+0.9) 365 
110 

_ _ __ 3J0 

—Price* on Dec. 30. Next dip Jan. 26. 
“Prices Dee. SO. Next dMling Jan. 4. 


w Cap Dec. 30. 


BA 


Cbeapsidc. EC2V6EU, 014U i 
ital [Accumj_J*24 67.1] - 



(Accum. Unite)_2645 

Exempt Dec. 30— 19*0 
l Accum. Unttsi—, 149.6 

CauyngeDec-X_9*4 

(Accum. Units'-JJ62 

laLEtra.Dsc.30_ £375 

(Accum. Units)_M.6 

ScoLCap.Dcc.aa_ IM4 
IAcrmVnih)_ 157J 

ScoUne. DenBO_p55.0 

Lain Wall Ones 

n—‘(76 B 

Mb 


capiiai Growth. 


NHL -Trust Managers Ud? (*Kg) 
IGtton Court, Dorking. Surrey. 9911 

StWa™.,_t*2J 65 

NeMarHIghln* -|49.8 51 

New Court Fuad Managers Ud (g) 
72-80. GalcbOdStr Rd, Aylesbury. 

XSBSXSSi-W 

N.ClttSmieFd..,, M25 . B16 
N.C.IntesaaL IntL, 7L4 7*9 

N.C, totefCSt A«, 7X4 75 j 

N.CSmLCs. Fd._ Mfi.8 157^ 


DoArcum_ fc ... 

Extra toe. Growth— 96.9 
fZ? Do. Accum .. .. S*9 

479 Ftoanetnl Prirty— 1*3 
Do Accum —,-195 



fCapital Life Assurance? 

ConteUm House. Chape] Ash Wton 

Key Invest. Fd.-1 10056 I .1 _ 

Pacec te kerlnvFd..) 10273 j A — 

Charterhouse Magna Gp.? 

1* Chequers Sq, Uxbridge LtB8 IKE 521 

IChrthse Energy—flBA 37.41 _ 

[Chrthse. Money- ?97 30J] 

[Chithae. Managed^ 3*2 _ 

tChxtfase Equity — 348 M? ., J 

1 Magna Eld. Soc- 3245 

Magna Managed— 1513 

City of Westminster Assur. Soc. Ud 

(Ringatead House, * Whitehorse Road. 
[Croydon. CR02J A. 016M 9664 

.First Unite_H3L7 117. 

jPTOprrtJ Ctrits-PUT 


825]-031 631 
821 -03 *31 

37J -03 1059 
411 -0J2 1*29 
H.4 -0.1 460 
2*1 —03 460 
62.4k -03 835 
2*1 -05 569 
3*6 -05 4.97 


High toe. Priority-@-l 

Loedtm Woll InL _ CS.8 

476 SpecialSUs._ fab 

4JD 

TSB Unit Trusts (y) 

H, Chantry Way, Andover, Kants. 026462188] 
ua * atH1 Dealings to 0264 6302-3 

(bJTSBGen^lZrWfi 47M-0JI 331 

lb) Do. Accnat. ■ ■ —■ 56.0 59-fiJ -05 351 

(b) TSB Income 583 Old -O! *82 
(b)Do Accum™ 595 61R -0i *82 

TSB SMUtoh— 76.0 8*1 -03 230 

(bj Do. Acctttn_—,|00* 85*1-05 230 


3d 

-Lfi 

-16 

-06 


269 

754 

251 

251 

423 


Norwich Union Insurance Group ft) rneter Bank? ft) 
P.O, Box 4. Norwich. Mtl 3NC. 000322300 

GroapTsLFU-J34S5 363.7]—XB| 471 

Peart Trust Managers Ud faMgXz) 

SSSBfthHalhflm.WClVTEB 01-6BBM1 

Pearl Growth Fd—Kfi W4[ -03) 4^ 

Arrum Unite_2*8 23 “2-3 f-3 

Pearl toe_32H -05] *« 

Pearl Unit Tst-Mi 372ri| -0^ 477 

(AMnm.Ubit|)__|<Xf 4731-051 4,77 

Pcfirau Units Admin. Ud (g)(n) 

*1 FoontainSt, Manchester 001-2363685 Income Unite 

Pelican Unit*—)78J M.7] -0J[ 49} Accam. Units. 


Waring Street. Belton. C23235231 [vEquity Fnnd. 

(hKTteerGrewth_|382 4X3)-06) *71 

Unit Trust Account A Mgmt. Ud 
KJca William SL EC4RCAR 01-623 4051) 

CYian Hse. FttadL-p410 — J «50 

sa3 IM 

Wider Growth Fund 

Stag mount SLEC4X BAR 


01-6234851 
WJi-1 


■Blue Dec.: 


149.fi +0,4) 

1015 +03 — 
168.4 +05 — 

95 A +03 — 

97.fi +03 _ 

1243 — 

10*7 — 

995 +0.4 — 
1544 +5.8 _ 

_ 160.4 +6.6 — 

G04J 109.7 +0.1 — 

,poa2 113,91 +oa| — 

Imperial Life Ass. Co. of Canada 
Imperial House, Guildford 
Grwth. Fd. Dec. 23.M.6 
Pens. FU Dec.23 _|fi6J 

Untt linked_ 

Btanaecd Fund _ 

Ftaodtot. Fd- _— 

Secure Cap. FU__ _ 

Equity Fnnd . ,(956 100, 

Irish life Assurance Co. Ltd 

IX Finsbury Square. EC* 01-6288253 

BJneGLDec.23.—{69.8 _7*S_J 430 

Managed Fund_IZ145 

Prop Mod. Dec. ]_Q6U 

Prop. Mod. Gth. _ 

King A Shaxson Ltd 

52.ComhlU.EC3. 01-6235433 

Bond Fi Exempt-|11*60 32*83) *02^ - 
Next desJlMday JmT4 

Govt Sec. Bd.-1128/78 135.401.1 — 

Ijmgham Life Assurance Co. Ltd 


01-4860857 Trnmdntro-natinwal Life Ins. CO. Ltd 

_J - 2 Bream Bldgs, BC41NV. 01-4056407 

Tulip Invest FU—[1345 


llfl. Crawford Street, W1H2AS. 

R. Silk Pro a. Bd-j 16*7 J_J - 

Do. Equity Bit-— 703 _.1 — 

Da Fl Jfaj. Bd. FU) 1533 J ...,J — 

Property Growth Assur. Co. Ltd? Man.Pro-Fd.cap.,Qi35 
Leon House. Croydon. CRB1LU 016600608 Man. Pen. Fd. Act .gl*9 
' “ 1694 

1683 


Tubpldangd. Fii_.U07.9 
Man. BondFd.-Hl03 



Property Fund _ 
Property Fc nd lAi- 
Agn cultural Fund. 
Aerie. Fund 
Abbey Nat. Fund- 
Abbey Nat. F±tAl. 
71285 Investment Food— 
75*1 i _ Investment Fd. (AJ 

7l3 —J Z BOdiyFund_- 

tUH ~~A — Equity Fnnd (Aj — 
Money Fund 
Money FmafCAi- 

Actuarial Fund—_ 
GUI-edged Fund_ 
Gilt-Edged Fd. iAJ- 
VRollre Annuity _ 
Vlnuuod. Annty. 


VAll Waatber Cap.. 
Vtov.Fd.Uto 


'Fansioa PiUlx.... 

Conv. Pens. Fd._, 

Cnv. Pus. Cap. UU 

3ten_ Ftr» Fi 

Man. Pens. Cap. UU 

Prop. Fens. FcL_ 

Prop-Pens Cap. Utf., 

. . .. . __ Bdgg. soc. Pen. ULj 

Langbma Hu. Hobnbrook Dr, NW4 01-2035211 “e-SofeCaRUL- 
Langham K Plan _ [633 87." 

OB022B5U VProp. Bond-11389 


Ml.? 

67*4 

1475 

147.7 

663 

6*6 

1682 

167.6 

13S.9 

1353 

1083 

1284 

1284 


Prra. Growth FoMtana 6 Annuities U4 
All wither Ac. Uto|12*6 1333T 


1247 
1385 

iai 

142.0 
133L0 
1387 
129.6 
1252 
IM 


+0J 

+05 

—15 

-16 

+03 

+03 


Trident Life Assurance Co. Ltd? 

Reuslade Honse, Gloucester 043236541 


— Managed. 

— Gtd-dcd 


1292 
I153.B 

P roperty-. 

uS.‘|j ujyFti nd Z 

G-Ksed 

Money_120.0 

InL Money Mangr— 95.9 
Fiscal--—_ 129.9 


Wisp ISP) Mm Fd) 

Legal & General (Unit Asaur.) Ltd 

Kingswood House, Ktogswood. 

' _ 

Do. Accum._!95J> 


Ptorindal Life Assurance Co. Ltd 
222, Bishopkgats, E.C3L 01-2476333 Property^DeeJZ. 

Prov. Managed FAP17.2 123.4+521 — 

PlW.CSuhFU._B0J4 1BSW+0.4) — 

Gilt Fund 20_[129.4 13*2i-L0l - 


127.?_ 

im» „... 
15L6 +3,7) 
67J .....J 
X1X1 -15) 
1491 
135.7 
12*4 
10X6 
1376 

.. „ .L. . ^ 

Pens. Mngd. Cap. _ U3.4 120 .S +05 

Pen*. Mngd. Acc. — U*1 1233+0.4 

7_7.7_1003 p&i +0ij 

FUtoGtcLDepAcc.. 1026 

Pens. tony. Cap-1095 

PeoS-rtyTActL_1122 

TrdL Bond_35.9 

Trdt GJ. Bond_ 10X9 

•Cash value (or £100 premium. 


Tyndall Asstxrance/Penslons? 

1* Canynge Road, BristoL 027232341 

3.WnyD«.2i:_ 

Equit* Dec. 22.. 


10*7 
ns i! 


M 

S7.9I — 


Equity Initial „_11*2 

Do. Accum._115.4 

Fixed Initial_U40 

Do. Accum._...._ 1342 

Managed Initial..1143 

Do. Aceom. _ 115.0 

Property Initial_953 

Do. Accum 95.4 


m^L 

32X5 -L« 
1203 +03 
1203 +03 
120.9 -0.6 
1213 -04 
300.4 +03 
1A0J 


^--11 Dec.. __ 
3-Way Pen. Dec. 22. 
Ctaaslnv. Dee.22_ 
MnJnJ-W Dee. 1_ 

Prudential Pensions limited# S^nS^?r >eei t > — 

Holbom Bnry.EClNINIL 01-4050222 D^lH 

EqillLFd. Doc 21_l£23.B7 2(611 -...) - ^ — 

FtaLtatDec.£l_.m5? 19. 


1203 


152.4 


1663 

3063 


324.8 


MX8 


65.4 


168* 


uao 

_, 

1740 

. 

7*0 

— 


legal Jk Genera] (Unit Pension^ Ud 


C3ty of Westminster Ass. Co. Ltd 

.Bingstead House. 6, Whltehorso Road. 

tert»ri0u.CIW2JA. - 

West trap. Fund—IB3 
Managed Fund— 1*7.4 

Equity Fond_5*2 

Farmland Fund— 685 

Fund-1293 

GUI Fnnd_662 

PULA Fund17 
Fund currently closed u new 
Perform. Units-] 198.4 

Commercial Union Group 

SL Helen's, L rndendufi, EC3. 

Variable ABJteliu-f 5434 


— Do.Arttim._95.0 

Exempt Eqty. tolL_ 953 

Do. Accum._953 

Exempt Fixed XniL 9M 



Do. Accum.. 

Exempt Mngd. lnitJ95.0 
Do. Accum. —_WSJ 


Exempt Prop.IniL.PSJ 
Do. Accum_rah 


1003) 

1W.D ..„.J 
1001 
1003 


1U3 .... 
100.fi „... 
1003 
1003 ..... 
10*0 

3fl*0 . 


Prop. f. Dm. a_ 

Reliance Mutual 
Tunbridge Wells, Rent 
Itol.Prop.Bda._I 1925 

Royal Insurance Group 

New Hall Place, Liverpool. 

Royal Shield Fo._|1323 1403) +05) — 

Save & Prosper Group? 


1- Vanbrugh Life Assurance? 

41-43 KaddtixSL, Ldn. W1K9LA. 01-4904933 

Managed Fd._(14X1 14961 _.... — 

0MB22371 Equity Fd-725.7 2376 — 

+Lfl - total Fund-- 92.7 _ — 

FixedtotmtFd^, 173.6 , 1K.6__ 

Property Fd.-046 14X9_ — 

CaanFund__in7 ins . _ 


0512274422 


Welfare Insurance Co. Ltd? 


COCO 97333 


4. GLSLHdenX Lndn, EC3P 3SP. 01-864 8H0 ^IU I.| _ 

Bal tov.Fd.-m*7 12*3 +0JI — For other funds, please refer toTheLoudon 

J50-S --J — Manrhcsler Group. 


Lloyds Bk. Unit Tst. Mngrs. Ltd 

71, Lombard SL, EC* 01-8331288 

Exempt-J30X1 10*4)..,,) 768 

Lloyds Life Assurance 

UXMdnbanSl.EXSMTLS. 01-6236821 


Fd.- 


Deposit Fit. 

Coi 


r saffi 


M3 


”1 


FdtUWJ 


Da Annuity It*.—I . 37.BL 

Koufederatiw Life Insurance Co. 


01-a37S» JgLGth.Dec.8- 

OjX. 5 Prp. Dec. 29 J . 


„ 134904 

12X7 VOX 

177 n i28ja 

1993 3W3| "■ 

1*25 158.1 

Opt- 5 Depu Dec. 28P195 125.8 


Gilt Pension FS _,S6.8 
Deposit Pens. Fd.f. p5* 

Prices on "December 
TWrtkly dealings. 

Schroder Life Group? 
Enterprise Bouse. Porismoo th. 


London* 

_M_J — UiariiaM.P Rwro.w 

“9-L . , 

1273) I „ 

209 1) .,',4 — Windsor Life Assur. Co. Ltd. 

High Street, Windsor. Windsor 88146 


FunireAasd.Gtb(a), 
FutwtsAssd-GUiOs). 
Bd AssiLPena. 


47.0 


Flex. tov. Growth—hat 4 


£27. 


111 . 


— Equity Dee. 38.._ 

— Equity S Dec. 28— 
r 3 Dee. 28.— 


215.9 

12117 2240) 


bd. Chancery Lane. WC2A XBE. 01-2400282 Loudon Indemnity A GnLIng. CO, Ltd ^«Jtat.n«. 28 ... 


munaged Fund. _ 

I Personal Pen. Fd_. 
lEqutty Pen. Ftind,. 
[Fixed tot P». Fd 
lUanaged Pen. Fd. _ 
Property Pen. Fd_, 

NtProtected to. Poll 


1463 1536i 

1783 1B7.B 

703 73 7) 

2319 

+0.4) 

sral 


-05 — 
+16 - 
+0.4 _ 

+17 — 
-03 — 
+0.7 — 
+06 — 
+56 - 


pltl 


[CornbiH insurance Co, Ltd 

ls2.GornUH.ECA 01-8285410 

deal Noo. Ul_P 


18-20. Tbc For bury, Reading SCSI L 
JlnncvManager—.1293 313) +011 — 

M.U. Flexible._GbS 280) +CU _ 

Fixed toterusL_pH 4 363) _ 

The London A Manchester Ass. Gfr? 

The Leas. Folkestone EenL 
i Growth Fund..I 




. _apt FlejtFd! 

Vrotempl * _ 

♦EjtpLbi® Tit Fd. 
Flexible Fund __ 
toy. Trust Fa nd— 
Property Fond ... 


21*4 


1273 

NHCT 

657 

M1| 

.3432 

__ 

IMS 


132.4 


7B.7 

— 


Fixed InL Dec. 28 „ 

1st. UT Dee. 28_1233 

KASGUt Dec. 28— 1573 

KlcSGvtScDec28. 1S.9 

Mg(d|Flxj Drc28. 13*9 

Bta@a.3Dee.28__. 14X8 

Meaty Doc. SO__ 1053 

0>+M Mnoey3Dw 38_. 115^ 

— Deposit D+c. 28._Ulfi 

— Property Dee. 28 _1444 

— Property 3 Dec. 2$, 1423 

— B3Pn.Cp-Dec.28_. 117JB 

— BEPn.Ace. Dec. ±3. 1253 

— Mn.Pn.Cp Dec. 28.1955 205-3 

— MnFtLAK.Dec.38 Z28J 24*3 


070327233 


1123 

1533 

1643 

129.4 

1603 

1396 

1353 

1493 

230.9 

1213 

137.6 

1901 

M9.7 


NOTES 


in pence)_ 

ishown in last wsi""—> 


Prices do not_ 

Indicated 9, and are in i 

Indicated Ylelda %_ 

aJiowtor allbuying expenses* Oflered price# 

Include all - ■ — J -— * 

e Yield 

g Today’s i_.___ 

of ILK. taxes. p Periodic premton tusumnea 
i w* . oSuitf*. prenltun insorencd 
x Offered price includes al] expenses except 


tfayi 

renllsed capital gains unless indicated by *l 
5 Guernsey grots, i Sospeirsded. ♦ YleiS 
before Jersey tar. fEMBMivisian. 


t 





















































































































16 


rinoflcxm umcb ruttauay # w 




FOR YOUR COMPANY- 

CASH FOR 




contact- b« d. Kay 

INTERNATIONAL FACTORS LTD 

Carats Honsfl. Mm Englaad Boad. 

Brighton BMI46X Til: (0273) SG7D0 

Btrmingtmm. Cardiff Cinh/c, 

London. MmcfMttr 


**BRITISH FUNDS 

i Price iLartl 


FT SHARE INFORMATION SERVICE 


SMhnb). 
Mi | 


HOTELS--C6o4iia^^ 
m* I 1*?1 SS 


laSWMM 3% 


AMERICANS—Continued 


BUILDING INDUSTRY—Cont I DRAPERY AND STORES-Cont l ENGINEERING—Continued 


sm I *¥* |“| uffLi fefttt: 1 


| Shlfcite 

! Wd Stock 

ApJaOJa iMmLara-USTJO 
JiLApJy.O. Morgan (JF)Cf«S 
K F». An. Kona Soon Inc. SL 
MJnS.B. Owens-QLS3J2S— 
Jh-OcJJl Orate Oats USS5- 
_ — BellUKcSaa-.— 

JAJ-O. Rep.KY.Osp.S5- 

FJJyAnN. Bended S5_ 

SJXMrJu. nririsa-UrriLSl^ 


llartl Dh. 7U Dfcifcgfr I 
l | ri I Grora Cn 6 rt fid | SU 

$192 — 4.7 Ju. JuIyfFeb.Iua.Jft 
S|36 - 3.9 Jan. 

76c - 31 Not. WfW-L«mJ* 

— 3.6 _ iFudraUoha]' 

— 3J liar. SepdFtancbPkr. 


“Shorts ” (Lives np to Fire Years) __|{g£££ 

155 
14J 
28M 
SS 
17M 
26M 
1M 
15M 
3S 
14N 

153 15J 

15D 15J 

25M 
15J 
15A 
10 
12D 
4P 

F21 A21 

1751 17N 
rm 23N 
15J 15Ja 
15A 
16S 


ifB. FIJI_ 

II Oil SI- 

^&ssr. 

FfnaUb_ 


Fire to Fifteen Years 



o« ow a« MaJnStDee lftwfnc.SH.- 

951 8.95 6.43 Feb Xj fm Nos Tomeco_ 

Jane Dec Sa.mia.SO.9lSS. 

§|t J. An. Jv. a TesonFUiSSaJWs- 

791 MrjcSJ). rCxacoSSJB_ 

“I MtJilSJ). line Inc_ 

$-”2 Jn-ApJn.0. rrsnsamericaE— 

7.90 MacjSpDc lMTeeh.50S3_ 

MrJe-S-D. G.S. SteelS)_ 

IS. Stay Aug. Veto SOJO-- 

Ht Mr-Je-SlT WoahrathsBia_ 

*-j 8 ApJy.OJ. Xerox Ctapi SI __ 

t.M _ Soules Incite 

§-f 2 OJaApJy- pS^Corp.3c_ 

7 B 3 SJE. List Premium 3ZU% On 
9.19 

Conversion factor 0.7563 

687 ■ 

936 CANADIANS 

Writes* } la 

g-% Mi I Stock f s 

7.98 MilSJ 3. lEUIontrealC- llftra 

936 FJfeitaM. IBfc. Nova Scotia SI- EA 

939 Ajy.OJa. [Bell Canada 25c_ 35a 

May NovffltwVaD<y|- Jta 2 

[ Qet (Brascanl- 930p 

) 6 82 F-MTAuN. Canlmp.BkSL__ 16A 



— — October 

— 35 Jan. July 

— 38 Apr. Nor. 

— 33 MAY 

— — July Feb. 

— 10 July Oct 


List nw { raj Dmdnfc 

fU ?ri» ti Srtlftr C«*i|FfE Mi 

'eb.lmtl.l0p 23 Ullltdl591 LTtlOJj 88 Nor. June 

D0.’A'lftj- 22 MUWL59 L7 11W 8.4 _ — 

W-L»f*Wd. 36 3M 1283 1.7 0H1O3 Oct Arc. 
salsa lWm)8ta_ 21 474 — _ — — Jan. July 

YMdsPto.Wp! Jli 2 175 — — — I — Stay Nor. 

nualGJUlBp-. 46 5‘ d!54 18 1181 83 Stay Nor. 

tattbEec_ 34 fflU aJ 2.7 671 8.4 Sept Apr. 

^EltaTlBr. 5p_ 62 H3 3.07 3.0 75| 6.7 Not. Ape. 

SbtaDjdsAlflp 26 283 1.65 23 m2 6.9 _ — 


llH( Otr !TM 
Price { « 7W Orta* Iff 


Dtriip* 

Mi 


LTtlOJj 88) Nor. JuBeJSocreorUw-l SI 3Uatd3.921 23(102 58 Not. Job# 

LrillS 8.4 — iKncaifiBBto—I 674 —-3SJ Jaa. Angl 

L7| 83)3031 Oct AjxdLidiaPndrSop <3 igfiO 3.4 7.4 6J Jarre OacN 

___ Jan. JuSjLeeCocpc- 12D TO IU85 93 23 3.4 July FebJ 

. 09 1731 129.75 8.7 2.4 73 Apr. Sej 


S31 May Norj Da.!fuL 


A lop I 26 

mopj 47 xi I 


27t 6.7 84 Sept Apr.hincnftX.l0p_ 56 I 3.71 £3 .«6 
3.e 75 6.71 Not. ApeBfflNbganiOpI lS t *386 


5 u July Oct woesop<v. 6 J_ 50 
2.5 Feb. Aue. CghCoopara^- 74 
2 5 Mar.. Sept HAT. Grp K)p_ 36b 
43 Jan. June HstrtoaXlsp— 62 


— 43 Jan. June astrtsoaj. 1 CM_ 62 

— 5.1 Feb. Sept. Helical Bw-_ 29 

— PA Jan. Jiuy HskTrl'A'IDp- 63 


— 10-4 Jan. JulylHcidenoniJ.WfiJ 138 28311734 

— 6.0 Fei) . June HenttoSnOp- 52 3131 gl29 

— Z 8 Jan. July Da7pcCorre._ £270al 1232 Q77: 

— 43 _ Hey»dWm.3ta, 68 3LU _ 

— 42 Dec. June Hlggg& ffill- 91 TO +3.12 

“ 5.7 Jan. July HorortachaDt-_ 66 3111 1189 

— 0.7 Jan. Jug DnBenVtg._ 57 SUfl J1S1 

“ 6.0 Mar. Sept Howard Shu Up 27 228 136 

— 28 Apr. Dec LD.Caip_ 104 TO <B.49 

— 0.8 Nor. Mot Ibstodt Jotaaeu. 146 33* 1558 

— 16 Apr. Oct lot Umber_ 119 221 1639 

per £ Jan. July LRHo&Hagsaa. 64b lU3m0.97 

Apr. Oct I.G£&__ 27 143131 

v April Sept JarvteOJ__ 187 ISMBJS 

i Apr- Sept tamings 5&SLKL 110 2L31Q20C 


HeltolEar-j 29 19MZ03 igia.6ll2.4jJan. Ji 

Haifta‘A;»>-(.63 TOrf 13.96 33) 95( 4.9(July J: 


Conversion factor 0.7563 (0.7358) 


232 * 

128 l' 

{187 - 


Sit 
IIP l 


Apr. Oct lend —I...;- 27 142(131 

l lATUSn April Sept JarvlaUJ-;— 187 IMJsJa j 

1 (#7S5 * ) is s ^ aisr 

, July LecJonesiltedLl®. 15 2746-92 

5 Stay. Nor, Ke i!JLP.nft>„ 43 

UA\ Dh I i™ 5®=- JaUL^eSArtoo £21 

^I c»L lf»* SS Noy - Ang. LafargeOrg_ 92 ffl liffi 

ai I Gna ICniGrt not. June Labgilotu'A". 150 

_ ] 4 A Jan. Aug. LathamgjQ__ 120 rd 12315.72 


Beil July Jan. Do.4pcDeh.Q00. 36^ 

77C J-ApJy.O. r.uHCfflCaiLH- 19W 

9 08 Ap-JJ-OJa. Hawker Sid. CaiLg. 400p 

B 70 PJJyAnN. HoQinger$5_ l?Jd 

035 Apr. Oct Hudson'sBayg._ 11 % 

im Jan. JulyHudJIOilG.$5%H 30b 

■ 3 MrJeJilD: tapmaHMBI_ 13b 

20 ; 70 JanAgJ.O. Inco____ - 12 

June Dec PanfkPetH- 2SJ 

Tin? _ - ■ Place Gas SI- 65bp 

ifljn June Dec BioAlsyan_174* 

uji MJcSJ). B 4 yaIBk.Can.s 2 17ft 

SeDeMrJu SesnamCaCSl— 15A 

FJdyAtlN. TacDam.Bk.$l— US 

ln 11t JApJy.0.lftms.CULPlipe33 | ie 965p 


— 17 . Jnl 7; LawreB»(W3_ 102 1431 63 2. 

_ 40 Aug. Dec LeechlWanaDp- 76 1411 5.08 * 

_ H Apr. SepttartandPaiat^. 57 19.' g3J . 

_ K Nov. June tflfeyFJ.C_ 74 3130 u25 4.ll 53/ 73(Feb. Ji 

_ 43 Pal*- Aug. liner ClTcfa Up Z7ad 1ZD 131 *1 7^ 6 Apr. D 

_ H Jan. Jug LooteBtickZ: 72 3US 12.93 ll ' 


nffl.97117 23 5.6 Apr. Dec 

63 ^9 8.4 1& Sept 

0.92 18 9.4 92 Feb. July 

286 18 73118 Dec. July 

§ . 33103 27 June 

43 33 12 hb. July 

48 29113 May Not, 

! 26 83 6.9 — 

63 21 9.7 78 Oct Ape 

5.08 6 10.1 d Jan. July 

g3J 32 98 5.4 Jan. July 


i 'ff^offSSSSfe^ 

Not. JunaQmn'sEc<HL_ 79 

May Not.GJlN.Q-- 270 

Aug. Jan. BibdPreddro^i 23 
Not. June HadenCanUr— 88 
Apr. Oct Hall EUg50p_ 86 

Feb. July HaU Matthew_; 194 

Mar. Sept HalffieSJp—*. 115 

Apr- Sept Hamwon.-- 10 

Jan. July Hattie Ifachy— . 25 
— HwkerSid.—_ 194 

Oct Apr Hill 6 Smith---. 37 

June Dec. HopadnreoaSlp. 83 

Not. Mar. Howard Macfay- 32 

lfay Oct HMden Groan. ®S 

Jan. May HimtltocTopJp 26 

May OctLMJ-—- 56 , - 

Dec. ltay InLCombosIion. 99 2 

Aug. Mar. iactanJAHBSp. 2 »jl UJlO.91 | 6 

July Jan. IcnkiACaOeC-, 921 

Apr- Oct JeouCperlAk 6 Q 

Jan. June JdmsoeteFMa. 60 


M* ftta “| Nri CfflSkiftT A(HV Djt 

sEar. Mb. 87 mg 15.7 2 -fl 9.« 73 Jufr D+cf 
i uriBiAXff 70 2571 hfl.97 331 781 48 June Oct[ 
3^-! Itt 22*7.3 l|u|l£| fan- Auj.fl 

Mima -&_ 188 48 4132 2312* 52 
nWood3C^ 57al 123+L96 24j 5*1931] 


IH til 

lRnnltdSpI 
« H. Forte— 
arteii'A Mp. _ —. „ 

iier’i BjC-1225af{l2 



24j 5*(9J 



9 74 S.E. List Premium 32*4% (baaed mi 9SLUKEB per £) j ai , tJ 

1130 Jan. J: 

113 Aug. F 

gg BANKS AND HIRE PURCHASE ^ » 

,8-43 Hrideate lari) Ur YU| lan. Ji 

M ** Stek Wee rif M (Mr firtfp/E Ig 

1153 Jan. JulylANZSAl- 2S6ni HigtQ18c - 4JI - Jan. G 

1130 Apr- July Alexandras D.Q 275 UJ|ol4.33 — 7.9| — Oct M 

830 May Aug. lUgemeueFLiOO £104 25HM33* 23 3.51 7.4 July D 

1131 Oct Apr- AHcnHarniyQ- 525 59l+So3 — 9.61 _ Dk. Ji 

10.99 Dec June Allied Irish- 154 313ffltQ108 — 6i| — Julv N 


_ inq Apr. Nov. LownfY.J.l_ 80 

_ Jtriy Not. HcNaillGroup- 38 
_ 51 Apr. Not. Mametfc&fcns- 196 

_ t't Jan. June Hawnson-Denny 45 1 

_ jo Jan. July UandeisfHldgl^ 86 

_ 28 I)ec - Ai®- Marclnriel. . 267 l 

Z 3 J Aug. Miff. Marlej 87 : 

_ H Mar. Oct Uard>alfa;(ffix)„ 96 

_ 50 Feb. Aug KajAHBS*n- 78 1 

_ Sq Mar. Aug MeanBcms_ 29 

_ t"! Jan. Ju&MriUeDfcW.. 44 1 

_ Z Feb- Sfl^ Haw {Mont ID- 85 1 

_ -a-i OCL Fph Miltnir v. 77 ; 

_ i n Apr. Not. MWer titan) Up. 11 

__ 3 j Oct Apr. Mbccooete-— 56 

_ 34 Nov. iGyMbd-Endneen- 38 

_ c'n Jan- July Hmk|AJZ__-__ 83 

_» Jan. Jnb Mowtoocn_ 134 J. 


2.65 22 m2 t9 . — ItapteSOB- D HI - _ _ _ Hay Not. 

184 35 60 72 Jan. JnlylXaris&^eacer 158 3*30 386 21 3.719.0 Aug Jan. 

13.49 2410^ 5.9 Feb. July MantnNen- m 117 68 6 4.4 * Not. June 

528 0.7108 203 Jan. Jnly Henries J.i- 303 HU t4J6 56 21127 Apr. Oct 

0.95 33 83 48 . — MWaS JiMp- M 873 — — — - Feb. July 

61234 4.8 62 53 Feb. July SCdOiaeatSp. 77 5.' H24 25 83 73 Mar. SejsL 

203 l.Z 10.61124 Jan. July HnrraBlatay— 52 1431 437 LI 122122 Apr- Sept 

13.96 33 93 4.9 July Jan. Jfctherare Ep_ 194 KB thZtt 3.6 21203 Jan. July 

734 23 8.3 80 July Feb. NSSNewslDp— 1« 23j 232 • 3.Ctf * — 

gl29 4.0 38 9.7 June Dot. Owes Ones- n 254 126 3.9 58 7.1 Oct Apr 

Q7% 2404 D 2 — Jan. July Faxadjs efB>10p- 20 UD 1L07 — 1 — June Dec 

— — — — April PawsonlWi-j—I 31 476 — — — — Not. MarJ 

+3.12 b&3 5.2 43 tan. Apr. Peters Stem Kp 35 2831 dLOO 13 43 26.9 May Oct! 

1189 33 43105 Feb. Oct PoIlyPedclOp_ 7 17! — — — * Jan. May 

1189 33 5.0 93 Feb. Sept PttedyfAlfredU 7U TO L43 32 2810.7 May OrtJ 

136 4 7 88 3.7 Dec. June RamrTnLJp- 10b TO 063 s3 92 M Dee. May 

d8.49 13 124 83 Mar. Sept BtonUp 84 221 hO.58 126 LO X? Aug M»J 

1558 33 5A 73 Mar. OA RaytaekHJp— 67 m 3.03 L9 68118 July Janj 

28 88 65 Dec. JuS^emficat^p- 34b 14H tL44 33 63 73 A^- Oct 

m0.97 1L7 23 56 Apr. Den Bead Auftm'A'- 88 TOll23 3J 43 93 Jan. Jmd 

131 L9 05 9.4 Apr. Sept HWhH06S)ap_ 18 TO 139 08108 fZSJ) Dec. June 

B30 33 73 67 Feb. JuNBosgiil5p- 11% rS — — May Ocd 

tOmc _ J _ Ape. Ort. sECSarealSai 16 276 — - — — Apr. Oct 

652 63 29 8.4 Mar. Sept Do.Z5VLJ3a> 16 276 — — — — June Not. 

5.92 18 9.4 9.2 Feb. July SaaneIfH)’A :Z TOO 131 781 29 4.4119 Oct Anri 

286 18 73118 Dec. July Se&ncocrtSp— 25 28J] bL22 43 7.4 53 Dee. Mari 

fffiJW 33103 27 June SheEnan[S>WpI _?b 575 — — — — July Feb. 

*283 43 33 92 Ffeb. July SmBiW.RWMp. 159a TO hL98 4.4 1918.7 Jj£ JnM 

1286 4.6 29113 May Not. Starf«A.a3n_ MO 311 td53 16 58161 Apr. DecJ 

’h6.72 26 83 69 M — SatesWlOf 221 S3 164 26 2329.0 Dec. And 

65 21 9.7 73 Oct Apt SttsabaglOp— 33 til d0.87 13103133 Jan. JuW 

588 6 101 6 Jan. July Snmrit% 28 -276 127 12 6.9183 Jan. JoLri 

f3 7 32. 98 5.4 Jan. July rm*?roSMpZ 319al TO 1132 8J 19 9.0 Mar. Sept 

i25 4.1 51 73 Feb. July UDSGrocp_ 95x1 Sl|4.B7 U 78 13.7 July J«J 

131 * 7.4 A Apt Dee Upton (Q-.V_ 25 01138 — Apr. Not 

12.93 iO 62 62 Oct May VanfegaZto_ 313 .68 4.2 63 5.9 Jiumuy 

533 28 67 83 Feb. July v«aiaaFeS.lflp_ 63 lull+2.79 29 67 78 Jan. Janet 

1289 - t — Dec. May Ssdes-A"30p_ 36 BlS 2.01 33 85 5.2 June Jsai 

532 27 6i 93 May Not. Walker Cfei)— 100 l^d2J3 4.6 33 7.9 Oct Apr. 

12-54 33 83 5.4 May Not DaJL?.- 95 19.|d215 4.6 31 75 Oct Apr. 

1231 33 43114 June Jan. Willis l«p T= - 53 Dirt 231 4.4 73 67 Apr. JuW 


Kay nB Oct ^ 3U0 fdhl52 2§ *3128 

Not. June Gnat'sEcon— 79 17.30 430 29 8 J 62 

May Not.GJlN.Q- 270 14D+1536 24 87 6.2 

Aug. Jan-HaMIPMcWfluSp 23 25 7 di S 5 14.1 « 

Not. June HadenCarxIarZ 88 311 7.91 17136 66 

Apr. Oct Hall Eng »p— 86 195tb4.02 23 7.1 78 

Feb. July Hall Matthew_Wtad TO 1644 28 5.010.7 - 

Mar. Sept HaQ8c50p-- 115 Z28 58 2J 78 7.7 Apr. C 

Apr- Sept Hmaaou—-- 10 i a 88 <08.68 28 9.9 53 ^ ^ 

Jul July HartkMachy— . 25 1431 L 8 1« O.D 132 ^ 

_ HaakerSid.—_ 194 14U +372 DS2 23 1.9 fi 

Oct Apr- HiH AStrrtth-—. . 37 51 hd!99 3.9 8.2 69 S 


INDUSTRIALS 

(Miscel.) 

isdi I jnu 

mBBroaNpl 60 j J#nj9l 


1AAH._ 115 

i4GBHeaBB C b-. *3 
.tamam BnaNp 60 

M 1 


0 n« 6 -t tfh IfJJS U U *• S 2 S n 




w=ia=- 


li S'BSBgW# WAwi 

is aar n r s till p 

Si ^HMea his 77 To Sept Feb. assoc.leimmip. 5M 1^31272 23 7J 93 
Ji 'I* Anr. Sept AttStnpnHta- - - -Ifi 


139 0 _ 8 m 8 rSJ) June! 

— — — — Apr. Oct 

— — — — June Not. 

781 29 4.4119 Oct Apr] 

bL22 43 7A 58 Dee. 

U.98 4.4 19167 jS 


mJAUBSp. 2S>2 11110.91 4 4.4 4 
■ACatlcQ-. 92d 1212(145 « 24) 4 
uCperlftk 608 «3Ut2% 15 7.H 7 
s«£FW£ 60 14.13] 14.69 2613Lffl(A 
iGnwplOp, 80 173k&0 19 6N32 

sSMpnn. 124 M9JT4M 28 6 M 8 

54*U.tt W 19^ 

i J5 3LHB +267 4.0 5.4{ 5 

AOBotZ; 51 ltlll 3.51 1310.4111 


y BO. dMIW 

illy Dec. 


S '-J.)_ 80 

Gross— 38 
196 


ti\3£ 


(Moot ID- 85 S7 1438 7.Q 4.9 

5-- 77 2U 1235 5.0] 4.D 65 

titan) Wp. 11 124 tdl37 i3 a 78 


, J333 28 67 83 Feb. July VenxBFBLlflp- 63 

38 M±239 - i — Dec. May ffadas“A"20p_ 36 

.96 Y9b 32 27 6.3 93 May Not. ffelkertfeiT— 100 

45 |14J31234 33 S3 5.4 May Not Da?L¥._ « 

|1231 33 43 114 June Jan WiIUslOp 53 

133 138 18 5.4 May. Nov. 5iring*GflIaw. 97 

0249 A 4.4 6 Jan. Jane WeirwellSp 16 

td5.24 28 8.4 65 Jan. Sept. ffbarflQlliW-_ 22 

12.78 4.0 53 5.2 May Not. niksmWute. 66 

fZJU 33 9.4 52 Apr. OctWoolmcth _ 63b 

2.48 28 83 64 


1733281 3J 
399fd235 4i 


S anba an v electrical and RADIO 2f£j 

ttSfsr-- iS ^r,¥c 19 l a \\ 7m* Dec 4 AEBectoafc _1112 ( 3101587 ( 29| 69( 7.7 

s ask 1 h 3 bHib . Aa ? ‘r -**i 


Undated 


IF 18 

1J IE 

1A ' 1C 
SA 50 

JDaAJu.O. 
1A 10 


War Loan 3>*pctt_ 

Com-. 313 K WAft._ 

ThjasaiyJpeflSAft_ 


39 25J! 9.19 

28% 191086 

23%j8 13210.46 


! li.62 Jan. July ArbuthrotLEl- 155 
1039 Itar. AU& Bank Asm. SL505. £ISb 
1138 July Jan. BfclrelfflidO— 350 

10 68 Mar. Sept DaMpcCoov- £153__ 

11.03 53 BlLeumi I £1 _ 21 19.40333 

936 Aug Feb.E&.Leam(IJBEl 170 25.7^725 

1036 Not. July Bt NSW. SA2__ 44M 1212 030 
10.04 Nov. May Bank Scotland Ll 303 31019.9 

10.23 A. J. 0. Ja Bankers N.YJM. £24 27.6 QS3J 

Apr.Oct BardavsCl- 335 8 J tlOJ 

Not. July BronSUpleyEl- 200 2811 t&.4 
_ Jen. July Cater Ryder £1„ 303 1431 +17J 
_ Her. Sept OiwDis’ntSOp- 82 1738 g4.7 
_ Feb. Sept Coni Am (MD- 215 
_ Mai Can-zbkJDfiM- £14% 


18c — 43 — Jan. Oct RaHand 

4,33 7.9 - Oct May Rfch'ds.1 

Z2%% 23 3.5 7.4 July Dec. HobKts, 

M2 — 98 — Dec. July BowHmc 

108 — 63 — July Not. Scscotk 

25 - 9.8 - Not. Hay Buberok 

Me — 3.4 — Jan. June Ru^nP. 

125 — 58 — June OctSGBCkui 
8 % — f67 — Dec. July SibihTln 


Mowiem®- 134 3LM t63 5.4 7.4 73 Aim Ort 

NemrrthafnZ: 170 93 <R47 93 4.0 .48 ,, 

NonraaBMst-. 79 2811 +432 45 7.9 42 NovMart 

NoUBnckSCp-. 212 III 1135 b3J 83 64 jX' M 

OnaetotlOp. 53% 5.1262 14 7.4 (125) ^ iySr 

^rkerTliaber_ 103 5.9 5.44 4.0 3.0 4.7 o&' ‘jQ 

^oealxUmber. 153 m 1388 132 3.9 23 

Pochlns.-82 14H d4.61 5.1 8.6 33 m Not 

BautingsBroa— 1W H 2 063 03 53 - Mot Not] 

- 132 TO fl5.77 22 66 82 l 


'ds.WflHlCp 74 19.9 

stsAdlard-. 99 Hi] 
QmoniOpfi. 86M 1212 

»Qeup_ 32 3UJ 

na ld. 32 TO 
nP.Conent S3 3130 

aum_ 153 220 

kltafoMp. » 2 1730 


edlnsnlwn 59 283U3.55 2 

oFkte&tylte. 27 2Ll3d23 . A 
5‘teiSec.aV 43 331 10M 4. 

:a&_in 3110+671 1 

lOp_ 92 mStA.69 4, 

.£fiay-iflp^_ 49 2202.74 2 . 

tborpeMp— 59 1731 1148 4. 

talK- 70 331 u336 1 

Sn’Ato_ 2! TO rL21 1 

pbeQ&m. iso m 26 a v. 

ride CSrp.— no 2831 14.67 2 : 

sBros-Mp. 52b 33£*tZJ8 2J 

42.5HV.ftU 157 2831 d3.51 41 

30 L33 21 

5l‘ £L51 3.4 


Z7OQS3.0G —J 73 — —timuajerKOTCJ- 

80+1084 4.9 45 67 Joly Not. r*nnec50p_ 

838 1642 - 64 - July Oct tariorWbodrow. 
43311757 _ 88 - May Oct fflfcyC+gLU. 
"" 1-77 - 8.8 - May Oct IYsnsiAriiokL 

36c 2.6 5.3 64 Feb. Aug rnnnclB50p__ 

U% - 3.1 — Feb. Acg DBMfinw p 
Ll% — 68 — Aug Feh! Vectis Stone lOp. 
2 — 13 — Mar. Oct fibroplm____ 


— J 3-41 — Oct May Sbarpe&Fbher. 38 19.1 

— 1 3-9 — Dec. June Smart UJlCp_ 46 k 3131 

7 -1 4JS — Oct May Sooteem Ckl 5p 9 25.' 

6 ll 7.4 Not. July Streeters I 0 p_ 34n 3131 


a l, n!r^,T;-nX —I -mJi\ 1 iStSS I “ March OmmCtolk £15b 93 011- 

U ioCfcZ £HuS ~ JtU ? Oct Comtfhifin 10p_. ~2p 574 2)2 . . _. __ 

**INTEENATIONAL BANK J0 «VPBlBC n" daW ' 

15F ISAjSpcStock77-82_| 87%| 671 5.711 8-28 - FirstNatlOp--- 1 % 774 - 

*— Da Wilts. *&Q. — — 

CORPORATION LOANS df insC31 

-utw|MBSK!fiia= J Hiffi 

Hafffiiiassig im 


fo D ii 

Waster. % |1 

| Li « h 

C L* iKBHb= ” Ji 

§ u9Be«e^Ea « 

« j H H Apr. Sept Dg. J A_ 05 Ml 

SL K f li deb. J® DadbenUp— U >2 31 

4.1 6 . 5i sept Pewhn gMp 10*2 S 
A -r, Jan. JnM)oniianSin.2()p- 75* IT 
53 48 68 46 SlBL Da 1 A 1 2ft)_I 7te IT 

T To o'* 7i «»y Dec. DonfingiMSpL 20 38 


T. r- NOT. L*W Group— 75 3Hfi fZ67 4.0 5.4 58 - 

1,37 ?n£iapj| s gjLII 

103 13 3 Jan. July Lo&w(Q9p— Mb 2331 +0.78 3.1 8J2 5.9 2**- 

6.9163 Jml jib Da'A'Sp—— Ub 2831 rO.78 33 88 55 iSS 

19 9.0 Mar. Sept UmdroAJOfi'd 75d 1232 M.76 2.7 9.7 59 ^ ^*6 

71 13.7 July Jan. Lrad*lelOpfe_-. 20 235 +L33 * 10.3 * ““ta J** 

138 - Apr. NOT.kLlAHflldlafU-. 90 313 4.92 30 6.8 75 

63 5.9 January Manpa&ran. 80 311 LBS 68 36 66 

67 78 Jan. June MaiHnsa&Jtt»_- 158 1431 534 2.4 53 113 ^ 

85 58 June Jan. MelMnfcSoi 84b 1431 4.95 3.7 69 4.6 g=J- 

33 7.9 Oct Apr RSgffUn Ub *>36 5.1 4.7 64 

33 75 Oct Apr, Mainubp— 40 19«trftl02 30 40 615*® 
73 47 Apr. July Midland fafa.5pi ■ 41 235 tfl.97 65 36 73 i.“* 

55 93 SeptEndNB- MintaaSoptMto, U 81 U 63 2.4 90 f. e °- 

— 213 Mar. Sept MdSdEoaMp 62%* 1212 1L42 64 34 5S{.“; "J? 

9.9103 Not. JuS HotoOOSDp— » 95 037 4.6 24 9.7 gS ££ 

105 65 May Not. MflUi*. —_ 112 US 66 21 69 73 1 ^‘ 

91333 July tan. MatoBrt^.... 64 14.2J 4.16 23 9H 

Apr. Oct. NefrocaC— 19.9 294 13 11.1 10 5 'Nov. Juot 

June Nov. VdUUtriHdp- 91 TO 483 22 83 8.7 ?“* TO 

Jan. June NewmttSjaS. 37# 1431 *124 38 5.1 78 

May Nov. NeroanToctal. 65 5L10 3.W 22 65 61 

O - June N^artTbiMp. lead 235 +272 63 25 9.9 TO 

Sept Mar. Norton® E)5p. 3toa5 1212 +0 62 5.7 26 7.1 {“■ 

691 77 July Jan. Osbamja. — 71* 1232 3.57 3.4 7.6 42 J*"* A. a «: 

e| A Jan. Aug Prttkr-Mnky.. 166* TO g7.68 38 69 65 «**■ 

no) * _ Penrod-.-,, 10# 1173 - — - - „*■*«-_ 

^ ifa Jan. June PartH«E5p Ml 14.11 1479 3fc 72 S.I™. *W 

mfi Apr- Aug Prattmu-ZT. 64 68 1458 2110J 7.1 ^ 

42 Sept Mar. Prte*tfBetf*_ 74b 22! F4.99 27103 62, Fe ^„® ept 

B 5 Jn& Dec. ProcortHflcSMI £86 1431 QUIA - 032 - T -„ An % _ 

fi* June Dec. RCF.BoWna. 36 >jh- 26U +2.72 L4 lo.B 10.4 Tml Apr. 


0i».ia»st= JiHSlagB 

SSSBiigosr S S|^4|aSa 
j 0 jS ftiw 4sks* h 

1° Dee. June BagtWAT.A M 3.» M S3 M 
Jo July Dec. BanrarHnbum 47 1*31 13.291 2Hltw 57 
ft Aug Mar BithAPoitod. 74 2U «.94 *3^3 43 

hpslsisse.— ™ 

I! '“iuf 5 sat 0 * 1 "*- g* “SI 8? If 

3 ^gg jia If 

158 19.9 g9.43| lMT 


355 23 9j 73 Jan. AuglPc ^Baitlalry. 

«A 6 ' Jm- Jnne^KilMp: 

+671 i_a 9 oucn Apr. Aug praam . 

Aw -cl 7.^43 Sept Mar. 

274 2 D 851 88 July Dec. ProcorlPadEHft 

1146 47) 33 66 Dec RCF.BJEm, 
«356 l| 73124 Dec. Apr. R^BtfilOp. 

+12 1 fl 91 ) 9 9 July Jan. . 

26& 9.9 2M 5.6 May Nov. B'nw»no»Slm.0 


3U£ *272 
Mil 367 
Mil 10.7 


m'm !“»• JW 

li ll & 


nn ffHB*Re<t» 


» gst saisss% s £ 

rf.r~siJp 

H a ; May Nor. BMtfitaHyl50p. 137 TO 

li H Jan. July Boot#_ tZZ 227 RI 

65 81 FWJPAuNv Berg W.DSStSl. 09 
Si July Nov. BoRtern_ 182 |19.| 

LS & S 

Ha^-.-BaiKt'B m 

72 ? 9 ?>ot. May &*on- ISO W 

^ BttLdBXBfee^= Bra 

[13 — AOg ftit.OneT.l58r- 48 / 27J 

| “J '“•> & B 

M AO Jan. June BritSrotwnSOp. M (3111 

qi 7 ? June NOT. Bnfehvita- m j 19.1 

2'S * May Oct Brituim._ 26 6 


84 M.g 36.07 17 

s stem 

& u 


gX 23 83| 78 
W .25 28 53 58 
5.69 69131128 

t42 4.9 Sips 

tU4 24 69 67 


BWsBaABS 

1731 0.87 26 60 73 

TO 3B4 20 9.1 64 

38 +7.76 23 9.4 7.1 fi™? vSS 1 SS?- 




♦ ♦ 


1 (him B*did 

“3(48) Aug. FehBewtfn_ Z\ 122 MT8.58 1.7118.7 (HW^fTSIe 107 niSoo 

6 j 67 June Nov. RtrharfioILefc 55 DJfliil 3.4 95 4.71^ 5fSS mSIt“* L *S 

2.ai43 Feb. Aug Hkfa’aJWHtSIpJ 54 14334.17 21LL7 68 l^ fegSS,— §2 inSjm 

3Jl42 Oct IfeRobiManaCT 65 199+3.03 4.0 7.2 53-A£- ^■SSSflH£fer « 

I'aiia Nov. Jane Httfnrtlfiw.. • 1 IK I 19«KI214 7.7 7R Nov. BsniltolsnWP- 39 1101.45 


^ 5.1 4.71 * 123 6 ^ iSt rhSSTw" dS timiShi 

IA g rn 1 .1 i Si I‘fs- SsE&SBSIf « as ^ 

SS32; in Slim * ts l Nov. June Btooks WaL 20 p. 30 17.10 CTO 

-_ 122 331 +8.58 j.7 107 <&l 3« rtf 6 


v^SSuiT 5 J TT 7 i*a P H April OcLHectr^MtebL 21 

gagg: J S all f, H lis ^ 

WKdSdBLlOp. 36 . 5. d264 * 111 * TnW M 1 M 


33119 Not. June Retort 115 wHtd214 7.7\ 2 B 6 G SS S2 
69 58 JnlF JanSeatearaWr. 62 173d 13.99 lM 9.8 fi ^ j&j? ft? 

11710.4 Mat- Oct SavahsaOWi-. 21 19« til.46 im05 53 &“• 

33 S3 Not. June Senior jSaTfilbp 24 1730 pJ7 2ffl 7.4 7.4 *“■ No¥l ^ 

38S3 J**- AngSet rk - ... 95b aafeffi l?j 9.7 61 M “ Nnp ^ 


nonfood Hlp_ 43 
iUlierSp_ 17b 

C30p_ 182 

ofiijSCcnv.'El £106b 
jerctrajpG IBp. 347 
xtrndcM&ck 21 


£3 98 $ct A«l 
83120 Jan - JnH 


I5P- 39 19.gtl.75 34.6a 64 


RartDiL 31 


Pd HE 


899 17 88103 J “- Aug Sheeptakto— 79 143 13.46 24 62 66 JH- 

924 29 77 68 ^au. JuneSbDouEngg— 212 1431 7.06 4.0 5.0 73 

qSn. 273 183 Aug Jan.flW.tejm-_ 70*1212+3.71 61 6 G f !.' f**- 


— — — Dec. July wairtuettm_ 35* 121 

— J 2 .CH — July Not. WarhSaie_152 19.' 

7.11 33120.7 Jan. July WestbrickPads. 31*121 


Jf. July Jan. I 
20-J June Not. 


ady_ 174 3U 

SetSOp 222 |l7j 



T/l 17 /1UJLUU10+DJUIU 

flAK 

Dec. Julyftonbn*_ 

H8 IS 0 ”'-- 

”- 57 5-rt Jun. Jan. Joseph (Leo) £1_.| 

IS JSi SIS 


— — — — Jan. Jnni 

— — — — June Sepl 

S, = l! = K S 

00 - 66 - Oct Jul; 

^95 — 9J — May Oc! 

254 78 33 45 

J.B -7 2 - 


H 13.6 


g^K^Xsantdi 

J_ r- Mar. Oet&£C. 272 

f £HdrS6BK5& s 
SSEKSseiS 
13211 tS , S 


+t5j 4: 
01 Hi 
+389 5.1 

Vi l 

d!07 11 


^ 6 asre, ssjssst ns 

jj July Mar. Spencer Ok. 30p. 32 


67 (an ,/U7 

_ ... .. alSiS. _ , 

164 72 20103 Dec. Apr. StoneSaH_ 109 

r 9 S pEe= 

m n n u VMfc & 

8 4 48 4 Apr. OctTonkunPiSp. 17 

8 b39113.(591 Inn- Aug. TripleiFlWes-. 80 
A9 4.6 53 5.7 May 0A fabeM tfl, 378 

L59 L 6 91101 June rumff_ 64 

M%il4 4 SA - Apr. Not. l>zack(W.A) 10 - 25 
S .6 26 69 93 July Dot jMgfrgSiu. 32 
3 .% _ flOJ — July Feb. UtdSpnmMft- 22 
8 % L9 60 m 6 J nly Jan. [MwhcGroap. 63* 

7 49 38 62 Ian. June Vfckmfl_ 175 

.7 49 3.9 7.9 Apr. Oct VktorPiwtads- 82^ 
11 20 78 83 Aug W.GJ. - 83* 


I 267 ±025 3.9 
3LM #937 1512 
271 1239 2211 
1431 1.09 5.4 5 

17311 48.88 28 5 


_ Jan. June 
74 Feb. Atrg 
66 Angurt 
s o Jan. July 
10 


aVill—1 80 19.9 thL94 73^ 3.7 SJ‘ 

aim. _ » M+107 2.N 62 72 

Prop.5A2_ 458 1710 OSM lffl 61 25* 
.kjTBr.Wp. 68 26U JSa I IS 9.5 X21 

KSWatSOp. 30 17.10 tp 23 9.3 5.9 

m Bov. Kent 51 3131 0761 2D 52 ttl 

ioaslMussL 107 1731 tlJ | 2S 9,4 75 

oDean_ 60 136 IK I UH 9.7 17J 

kteKJp_ 36 Jilt 181 1* 95 4? 

lAa+s^lti- 39 33( 245 4.W 52 5.7 

Masco 17bP 72 IK 431 1 * 9.1 9.4 

India H)pl 31* 1212 028 6 * 63 32 

pH3)p_ 126 1730 183j 6 ^ 22 5j 

b£I ^ 19-9 ftttl MUM 

dMtwJII 57 17.10 3a 13 65 93 
ihScS&ira- 109 U 17.46 3500.4 35 
saProilto. 62 Ui 436 1 mu u 

rasskLajp 87 134 482 I 6.1 63 4 


oalmis._ 167 

Ote_-138 

lien usd. ftp 36 


K98 1I 
+3.42 £« 
W65| 5 < 


as =. 


Jan. July Muirbead 
Jan. Juh Kevmml 


CHEMICAJLS, PLASTICS 


fig _ TiJ Jan. MayABZO 725 575 — - — 

SOI — 1 H ” °et May Albright Wilson- 102 Z28 +43.9 35 6 .! 

32 — l3Z Dec.lAl 5 mateI 11 ds.-_ 295 1431MI269 21 6 J 

i w Z 7 ^ Jan. June Alida Pack lto_ 95 2831 15J5 25 93 


Si? Mas Not Kkm®wtBX„ 110 

Aug Apr. Uoy-da £1_285 

om Jan. Sept HanMnFbi.20p. 46 
9M Sept Haem, SecsZ. 129 

sVScIS 

Sfiramst 1 ! 

June Dec NaLBkAusLSAl. 20th 


k UVOTJI, ID A7 t-17 AA 7X 4JJ Xt .f_ «' 

VjHbjiiruKj 


COMMONWEALTH & AFRICAN LOANS Aot. 



90 Aug Mar.NstWesta_ 

7 56 May NOT.Scfarodersa— 
3 S Jan. July SecccmbeMC£L 
2 % Not. June Smith St Anb__ 
7 « Jan- Aug. Stand’dCtartn. 
125 _ June Trade Dev. SL50. 
qon Sept Mar. Union Mac Q_ 

7 S Mar. Oct U-D.T_ 

_ J. A. Jv. 0. RdbRnDS- 
_ Not. June Wlntnntato— 


~ Apr. Sept Afl'dOoDoid 
c c July Not. Anchor Chen 
,2i Sent Apr. BaIl(W.W.)_ 

July Nor.BajerAG.DA 
it Oct Apr.BlagdeuNoa! 
M Nov. July ftentCbems 
— Mar. Sept Brtt.Bensdl 
7« Feb. Aug BritltePlrd. 

Jan. Ju5 BcrrdlSp— 
7t Jan. July CariessC^dl 
(j Jan. Mmftnlin . 
“ Dec. JundOhaCgl^ 


right Wilson- 102 Z28 +439 33 6.2 66 2“- 

a*etads._ 295 1431 tdI2« 23 65115 Dec. Mo, Phfl% 

laPacklOp— 95 2831 15J5 25 92 5.7 Apr- Oa fKcoW 

dCoflwdfQp! 90 311 dhl54 4.0 26148 Apr. Oct Da'A' 

torChan._ 70 3Jfltdl75 20 83 63 Wf JaiLPteMy! 

l(W.W.)_; 47a W 1 +tL84 4.7 • 5.9 63 Apr- Not Piratac 

erAG.DMSO. £45b BOieQlW 18 33203 Apr. Oct PyeHkt 

jdenNoakes. 238 19.9 028 4.4 7.6 93 Feb- Aug EacalE 


aSm»J_ 258 TO 48.88 28 52102“«: ® 

icrlnd*_ 50* TO 264 4 8.0 4 Sept Feb. 

iteMp_ 64 331 3 48 3.8 82 46 Ifcc. Ju^ 

a Kh.0. 229 1431 t675 3.7 5.9 7.7 ?“• Aug. 

lit_ 109 19.9 +3.28 4.8 4.6 5.4 Not 

(Bony)— 1C2 - b32 33 4 1 93 1 . 

%-— 24 Z7£ Z0.5 - 32 115 6 ^* 2^ 

rPWHstar. 80 3111 14.47 25 8.5 72^- 

emit- 113* m|gl 6 5.4 4.S 64 Aug 

Itatttp- 55 8 AtZn Z3 7.7 8 . 6 T* b ‘ 

aaDnilO— 7EQ 175^14% * 4.7 « {Jgf 

nsF£.5p. 17 223687 ll 7.8 62»P«- 


ralWgUp. 63* 1212 268 ♦ 65 » 

ssssfc & « « h % a 

ubatoGp 56 1431 CJ3 3.0 7.4 m 
ibTanPh-lto. 39b* 1212 394 33 75 54 


'ariorFaUfcter. 60 31 

fcalembL._ 113* 12 

'aAlraifti- 55 I 
byssenEmuC. 780 li 
onkiraRESp. 17 Z 
riplai Furies- 80 28 
tbeInratts.IL. 378 ‘ 

tariff ... 64 Z 

>zack(W.A)10- 25 26 
Hd.Eng’gBp— 32 31 


421 3.0 &.tt 63 
9.95 3.S 8 . 4 J 6.9 


44 gp^J^ftEggg; p ^ 

ii Ji Apr- Oct Ctoisttt-'S 'iipZ 65 3.7 429 

85 tM?- Mayaj^inuop rr \m 297 

Ac LttlDec, Aag.C i»to30P... 1 —. 129 1411 3-55 

7 7 fi^Feb. June Oarkeidan^ 64 1U1 218 
4-7 *®bune Dec. CdeftLHjZZ. 120 1411 +337 
7.8 tZ&ily P«-Webb20p. » TO 


h211 4J 
128 33 

t 2.02 14 


60 sSBg^sLssaK 9 s 

Rot aq Apr. July cow-Staaon^ zoo. 34 u. 
5 0 7 3 June Feb. Cope.\Unon5p. 57 143 
ft li Nov. MayCopydalflp_L 28 11 


7 "a 11 Not. May 
q S Sqkpr. Not. 
in 3 July 


taCbemslOp 200 
L Benzol lOp. 25 
t-TbrPlriLBp 52 


IlSp- 144.141DtO.92 33^9^7.7 

sCapenOpJ 40*12121083 A2\ 32\XU> 


L814.6 Jan- tafi 
73 3.7 Jfn. Oct 
48113 May Not. 
9.5 7.7 Juft Feb. 
3213.6 June 


tealin— , „ 44 25.4 +272 24 9J 67 Apr. Nor. MefaSKBto_ JI 5.9 137 3.6 48 ft.4) Apr. Sept WdtaanBjrg- 

ahaff»7V»Lo £94 M QV* 4 * 8.0 - Apr. Not. Da'A’N/V3p_ 36 5.9 L17 3.6 49(62 Jan. Jfo %-Bran^g.ife- 

Do 8 »Ctaa«. £92 283 08% J &9 — Dec- June Tele.Rentals— 1IB 3UC t53 2J 6.8 49 ^ feb. WeCbrodZ---. 


J gf* 6 t, » L ta£ 5 

iz|l|I 


QJ gaj-OT _ Sgp^ June tojfflmmeJSp. 20 5.9 060 3.7 46 9.0 feb. 

7\t oci 17 Z 3 jJ Jfn- JmetedalnUOp— 60 3131 +1.98 3.7 5.0 83 Mar. 

m 103 — 6 « “ M * r - 0ct tettaNtefti— a 43 J066 6 U 4 Dec* 

— 69J- Jwi . Am. Ensdonflasbcs- 53a- 1222 461 I 12.9 * May 


dkxGJLHIp 

JlesCGHI- 

rCaTSO— 
qdPifbn.Jp> 


7 4.9 3.9 7.9 Apr. Oct 

I 20 76 EJ ^n. Ang 

7 24 52113 Not. Jura 

.94 3.9 42 9.4 Mar- Oct 

88 5.0 29103 Dec. May 

5 18 72117 Apr. July 

6 53 46 96 Ja«■ June 

65 13 86136 Sept Mar. 

10% 110 0.9 206 Jan. Apr. 

9 53 46 45 Not. Mg 

7 35 48(64) Apr. %pt 


?aSS^Wj_ 

FaxdftWJ_ 

r«n»wririalto_ 


22 27*145 6 105 * 

s*™ S’s-ag « 

Jfl ihi n $■ 

30 3*3538 3.6J 7.4 5.7 Ja ?; t 

20 1692 21 9.0 7.9 r A«gn* 

21 33PJ60 53 75 38 #5?" 

56tj ,Z7.«|j2 21103 72 

S’lHIitl 3j|MS 4.7*5;^ 


txiflp-L. 28 330 

I * i « lQn 268 TO 

t__Z 73 1431 


wuvwiki m w 

SI 


Doi?4%Ciiv.82flJ5 £92 
Coalite Cbem__ 76 

CoatoBro*- 75 

Da’ANvZZ 73 


1% * S9.2 - ?**■<** 
78 35 56 7.7 Apr- Dt*. 
11 4.7 43 76 Apr. July 
11 4.7 44 7.4 Oct Apr. 


lHect_ 382 

eF.W.Mpi 59 


LOANS 

PaHk Board and Ind. 

HBIfl 


fflre Purchase, etc. 

,%bj 117] h2C 






F inancial 

Jane Dec.WFIDpc’S). 

15M 15N Do. 14p?»_ 

Jane Dec. Dai-jpcm__ 

31 Mr 30 S DaRpcDsh. W82_ 

311!y SON ?a0Updjb.’Si-8L_ 

— Da H&pc UcsJjl , 8 B_ 

— DallpeUnaln-Ba™ 

„ Do. ll^cx: UmLn DQ_ 

20 Je 31 D Da7J.pc-\Deh.miC-. 69b 
SIMr MSDaTbpcADb-fll-M.- 70 

SSMrSOS Datec-A'Pl-WL_ 

28F 31 AjDoJaWa 02-87_ 


720 | 1020 J«n-__ 

Ap! 

I 10.65 





109 111 

37 3UC 
,14 873 

100 19.9 

37 8 i 
12 * - 
92 8 J 


Jan. July FannFeed 36 255 $362 I 

Dec. July Federated Ch.__ 70 Mil *1334 3 

Jan. July FLonggl- ..... 383 Mil 11169 2 

6710.4 May Nor. HabfcadcniOp. 13^3130 032 3 

36 — Aug Feb. HtaaVdcbSOp. 565 217 9.43 3 

— — June Sept HoeehrtDJB— 420 276 016% 1 

56142 Jane Dee. DiftairaBasln. £114* 1232 010% - 
7JJ 7.7 Nov. Aprfl topCbenva 352 5‘ +15.01 3, 

— 253 Feb. Aug DaSXPLD_47b* M 15 W 

67113 F«b. Aug CntPtanl_ 62* 1232thZ06 4 

73 (73) Feb. Aug LankraCbem. _ 53* 27J ihl34 2 


a69 28 46 69 
L32 3.7 36 ( 86 ) 

.43 . 40 25 26 


| 4 j a December [ 
32.9 | Stay Oct 
* 95 January f 
, 72 64 


(aid&Gald-— 105 22rt+h4.(J7 3.6 5 . 1 

iffiftgsf it* d&F Li t 

owe a Jar is u 


(040% 1L0 0.9 203 Jan. Apr. BtataAsaotlOp ft IB 
UN 52 46 45 Not. Mg WDffGroon 113 1411 

L37 3.6 48(64) Apr. Sent WeRrnan atfe- 49 1L7 

L17 36 49 S3) J*- %h 1431 

+53 23 6.8 19 July Feb. WeKkaa-- 40b 136 

b63T 56 25103 Ang. MAagra^. 84 M 

L47 53 32 75 Jan. June Whrssoe- 90* 1232 

162 23 61123 J an. Aug WhewnyWlaa5p lij* 3222 

■60 b7.4 33 05 J«n. July WhitdiouselOp. 22b 31 

h4.07 3.6 5.9 7.0 J «n- July wmianBtiJHc- 24*1215 

ap Li u A H 

up is 5£ fisenn 

Mja.ujw.Tj ^ AugWoodti.WjMp- 43 ^ 257 

Oct Apr. W’h'aeRlm 12bp 29-. 5.9 

October lYonngA stti&Y 55 228 


Dariet 6 N>mn. 108* 1232 
DowsoaOttl— 86 2831 
DeUBraSOp— 545 1411 

Daibyware_ 82 83 

D^j9mCc 81« £84 Dig 

Jfi* tlpa^-JunetoUeH^S 1 !! IS? 31W 

Hff%8aesic , R ’B 

IS ?! i; JS Ji 

tp Lili v 

1i3l 07 13 64 M2 Apr* Oct 56 8 J 


25J d337 
69 +21 
22J <0.07 


—( — — I _ July Not. LwrteIndL5%_ 103 
1432 2l| 69)119 Not. Mar. NonlH.Kr30_ £26 
Feb. Jub-PIysglOru , ,, 74 

Apr. Sept Hanson mi. Mp 142 
May Nov. RentokillQp_ 62 


thZ06 451 5.(8 55 

+W34 2^ 3 J15.9 Aprtl ACZHadrinaj-J 105 142338 

«6.76 2fflI0.ffl 53. Oct June AJ>.V.»i_ 220 3.3fl h52 

^ 12 % la 3-ffl * Apr. Sept Aatiw(fijgrsJ_ 110 37.10 228 

t < 11.26 62( 26| 96 Apr. Sept Da‘A’_ 92 1730 228 

179 6 | 10 73 May Not. AdwestGrunp_ 265 ill F10. 

thl.43 23 b 36(175 June Dec. AkenStacQw.— fini 1431 £41 


ENGINEERING 
MACHINE TOOLS 

ORMadnnnyJ 105 | 142338 | 4.21 4.41 13 FOOD, GROCERI^, ETC, 


h52 43 36 861 

228 33 3212* 

228 38 3.8105 

F10.D 43 5.7 72 

£4b — £75 — 


FOREIGN BONDS & RAILS 

■bmt I _ . ( Price [LMlDtr 961 Red 


Ai%fagas£aWy_ 
1J Do.5pcPreL_ 
lJIChilaaj Msed_ 


lDjCenn3nYng4>jpc.] 355 


3M IN Greek7 jk Ass._ 

IF 1A DoBocSibiah. Ac._ 

JA 10Do4|pcMnedAsi.. 

30J 

1UJ UDMandTbpc’Sl^J 

1M IS DoWuxflTw ; 

1J, Ip Japan 4pc' 10 Ass-_' 

30J 31D D06?C , B3«- j 

ia 10 PEmAsapc.—, 


1212 Jan. July 
Aug Feb. 
Jan. July 

)S & RAHJS • A 5SUf< 

rk* Last! Mr % Be& Feb. Aug 
‘ • ““ ™ Feb. g 

JSs UH — Oct 

33* 23a B— — June Dec. 

W L7l 3 £111 Oct Dec. 

155 lii 4b - Not. July 


QtyLonDcf— 63 
ClaittHattbe*)- 136 
Distillers 50a_„ ISO 
EltefflUna'ifisp- 17 


1» 2521166 

347 aflj 3.10 


5.0162 Febl 
5-ffl 7.9 Mar- 


3h 17.08 Aug Peb. 
6 16.15 Aug Feb 
4 1458 Aug Feb 

4b 635 Jan. July 


wa ne si 


266* 16 
7712 30.6 
160 310 

3«i 

S99 ,2i 


1® Ji Jan. Aug Enrargor 

30 67 Aug Feb Irish K* 

11.47 April Nor, Jtocalkn 

— June Jan. Hoiand 

9.85 Jan. June Sandeau 

189 May Aug Scout tv 

867 July Apr. Tdlerod* 

9.09 Oct. Apr. Tonobn. 


ISO 222 654 3.1 56 8J May 

37 59 122 1210.0 123 Not. 

May 

rnghBrotaOp- 43 TO 284 13m.i 85. 

■eenaJI Whillcy 1M 11.7 262 f 3.9 * Jan. 

■eCDcKtag- 220 SJ 1653 22 46 ll2 Det 

linnet- 191 276 732 « 67 * Oct 

thldDiri-20p 138 3110 29 13 3.2 206 tan. 

rawnrdon.— 96 2&U 1203 30 32 016) Dec. 

^faKsttGen- 112* TO 04.75 4 42 A 

icallatLQw 315 TO 462 23 22 217 

rtandt)- 360* 1212 1245 26 53 10.9 


81 27i th3.80 36 

U5 218 M.55 b23 
34 26U«.0 23 

M - 

116 19.9 s66 22 

106 - 6.19 zs 

76>z 276 604 19.6 
61 TO 1214 55 
5taa 25.7 b279 26 
60 1411 3.93 * 

261 Z 23l5 L65 17 


li&U 


30J 3JD|GJ.Sd*i19™, 75 M 6 ^ 867 July Ap 

.May 1 rteuftwWai- S99 13 4 9.09 Oct. Ap 

ISA . 150 Itajndfpcim-. DM85* 17jd 61; 955 Mar. Au 

-1FJLA.N. UroswySaK_ .94 lSj 34 4.09 Jan. Jul 

- U.S. S 8e DM prices exclude inv. S premium Jan. jun 


ItNewMp I 
idtaJrCaS.. 


— S3 

— 397 

'A'_: _«* 


AMERICANS 


Wok. Dudley— 189* 
founi8rewA'59p| 147 


67 25J 320 

44% 275 HUH 
52 3111 2.72 

97 117 1607 

95* 1232 1357 
89* 1212 5.74- 


234 \U.U 5.9(4671 


Diriteate 

FaU 


Last] nr. 
ri Grow 


HdULIBI drapery 
LSj LS 

1357 26 5.7 10.2 P Jone^ SZniS: 
5.74- 3.0 461U jSm XwtoZZZ 
+289 3.8( 3.0113.6 Jbi Jan. 

Aug Fob. Bate's Strs. lOp. 

June Sept Beattie fJ)'A 1 _ 

^ _ May Sept BentaBsl%_ 


19| 73^k ■ Ap^AstraiaTUOp, 19t 2 257 L01 29 7.« 6 J 

im 2 J 55 M 7 Not. July AuroraHWa.— 94 TO t 5 J 3.9 8.41 45 

f | S|gCDiHIM,TBE4T«l!S4BDTyESS^I 8 M 

- - . -'■mwHiaii-flr afe -flaaiiM 

55 1076 Q4.23 25 7.7 7.9 5^ S”- B™»OomlOp_ H 19.9 h2J5 33 6 S 67 

19 TV, — _ _ 7 3 Not. Mot Barton A Soaj _ 47J Z 19.9 72.97 36 95 64 

116 199 966 21 8.6 g 5 Apr. Sept Bewtodlto 43 3L1£ td3.03 221DJ 64^ 

106 — 619 25 92 65 5 Hn ®0^‘ M P- ^ 2BH 0.75 6 6 jj * \ 

Vt* fj a.91 ’LL 7 ,g-i_SSL 

PfflW ** li HflfH 

W, 90|U9 It| ».»! t, •&£* jjgw hy §i fg g || || 

^-%LB3£M£ 13 $3? 

*ERY AND STORES jS IS^z 3 B 

ManiKPl m 1 2-ZJ t6 l “ a APtU ly &(ffl P \ Kli boil H Umi\ 

» jfe 95 If 1-2 5 A r MttSSSp" 104* «7 SS? - 8IT 

I HI f cl li Jan. Aug BriLSawnaipl 89 27i h4.67 19 61 162 


DRAPERY AND STORES 


37 19.fldl.95 

39 14311138 


afc 1«1 138 3.7 55 73 j^Ss Jaa| 

32 25.4 *3 3 12 J 7.9 StaT NotD 

28 1L7 td0.77 62 42 5.9 Nov. 

84 02 b2JSI 42 38 9.4 

28 254 108 22 5.8 119 Not. Sopt 



ai®J« BUILDING INDUSTRY, TIMBER g & HiS 011?! S 

-id AND ROADS SE g sjLg. Li ’Li Al 


iftr H, J 1 J-2I 2.7]llrt il 

Si 

MMJp 58 117 558 13^145 83 

[«ige- E 31-10 1286 4J 53 6J 
__ K* TO 1198 ivl fttf 92 
!-20p- 24 117 +131 m BJ 8.4 

□ 10p- 20 31H 137 lflm.«it3) 
Ufflp- ,39* TO thl45[ 3 j 56^ 55 

b a -4L jD&liS 

g. s HUH Sell 

aab dotJ 

■®pu 98 .82 678 I 4jj 69 ! 4.0 



Mar. Sept 
Apr. Aug 
April Not. 
Kay Dec. 
Jan. July 
-.July Jan. 
2“ Jan. June 
T-; Jan- June 


YOU Li MIJgs 5 
^ o 5 :SJ3i;g 

Li fl Bale 

1W 25.7 5^ 9.7 45 35 »if sSt 


89 ail»p34 1715.0 
153* 7232 535 3.1 5.1 

73 I17M331 19 76 

70 310 hl45 4 6 31 

192 22B 15.54 41 4.7 

158* 1212 1d23fi 85 16 
165* 1212 +d236 85 22 


130 138 462 45 

440 ‘ 25.7 blB-71 51 
26tj 19.5 m0.47 45 
^ 3111 276 33 

57£ 1411 276 20 

43 135 263 35 

42 1W 174 36 

33. M 174 3.4 

73 2811 457 13 


i&s a Is < 


— AO Jane NeriAbanleenCoiHL 

— 31 July AberthavCm^ 

— 10 June Oct Allied Ftafl Wp. 

— 06 Feb Oct AnntageSbnto. 

— 11 Oct May AP. Cement £1_ 

— 33 Oct. Mr, BCA20p_—Z— 

— 56 Feb Aug BPBInt5to__ 

— 3.9 Febmajy Bajmexidge&k.. 

— 31 May Dec BafiwBralflp- 

— 3.4 July Dec Ba&Wge 

— 11 Jan.. Sept Bamberem.— 

— 3-?^®? Dec. BanattDev. Iftu 

— 4.4 Feb. AugBeechwoodlto-. 

— 16 . — BeuBdd&Lap 

— 27 May Oct Baited M.10p_ 

— 61 Mar. Aug BottBros. 2 Dp.-_ 

— 31 Aug Oct]BIoddws20p— 

— 64 Apr- Nov. BtadolFmii— 

— ? 1 J+ aa JttlyBreedonIime_ 

— 62 June Dec. Brit Dradfibu- 

— 66 May Not. Brawn Jffit ali 

— 3.8 tan. July Bramdee —— 

— 31 Dec. May Bryant HMgi_ 

— 4.1 Aug. Jan. BnruetlAH-_ 

— 3.9 Oct Apr. BurtBocltootl- 175 

— 4.6 tan. June C. Robey "A' JOp- S 

— 3.3 Not. July Cal’nteiOfi Wp_ 26 


Dec May Bromnor_ 50 1 

36j 71 S.9 Jan- Joty grit Home Ste*.. 217 M 
3.7 62 66 Apr. Oct Mta. ,33 2 

61 85 46 Oct A pr. Burtoutto. 50pl 125 
12 9.6022) Oct Apr. Da'A NVsOp.. Ill 
Z*i 5.0 328 Stay Nor. Cirtra'A'SpL 28 3 

22 6510.8 June Dec. BistaKSJ Mp,. 40 31 

46 43 76 Oct Apr. Cburch- 195 1 

fed'SE siSaSS: 1 l|“I” 1 T 

31 9.B 51 May NOT. Courts'A'-- 1M 5.9 llB 46 4.S 68 XSg FeSKT' 3® ^ U A Te 

28105 43 June Sept Currys_ 211 25.4 412 4.8 36 106 Ane fS" fwSaV™— 08 K Jl? ?r 0 54 15 

2010.4 75 July ta^^amgiciOp. 15 Z3L5 0.46 - 4.6 — Dtt ConomUfcTiSI 45 ill 1^9 fa ai Ji 

— 61 — Mar. SeptDebenbam.__ 100 Mil F522 2.4 7.9(66) Feb S o« jice 42 14 54 

4.4 48 71 Jun. Nov. Dertbaift,^ 58 31C WL74 17 46 91 Feb W «,24 S J 

5 B 3.7 64 Mar. Oct DixonsPMolQp 171 22J 218 65 19 83 Rtor 4SS. X ^* d J-S f. ^ f. 

» u a June ftune 17 iH fts HmiH ss a 1 & & f & 

s a “ m J a rat % i hr .?? m j£ d SS£= J M Mk t» t, «* 


W 1 -—-. JO 12 fl 1386 1311191 9.9 Mot" D 

ats &0iv]SL» 

“n?50p' m SI if — | — 3S ji 

ast; a ^ i 

-- 195 19.9 13.07 7.7 24 82 fSj. J 

bSngC^pi 90 3JJ +294 42 5.£ 73 
iSpotolC ft 2811 ML« 7.6 08M.0 Jao. It 
ellCtoafti. 8 I 2 876 *03 15 ± — sw, v 

Is A -- 100 _5.flSia 46 48 68 Amr. Fi 


8-7 June Fra| 
— Jan. Junejl 

n& « 

54 Feb. Julrf 


'*Cut5rt. 30 2BU 2.® 
cEnglOp- 38 17J{ gU 

aTM _ 17 «U — 

TO 8 j 678 

aetj- va 

Mat’s .ggi 

[field Hvy_ 64 S.7 213 

SMp- 3 


438 3.W 8.0 S3 

7.92 5M 52 48 

gL§ a ?+ ? 

213 IM 56111 


» 10 p- 26* 1212 

- 2S 136 


iw 2 j? m 8^SSg 

100 imfS-n 24j 7.9(66) Feb 


^1 fo 76 f& 

P Li “1 i’ 

1458 60 51 35 
362 i tit 
239 3.4 81 41 

dl55 29 98 53 
10 e 122 * 
809 46 69 29 

+290 18 9.0 9.7 



£-«a a a uslm 

- a-Hts u asSnS 

Ap 115* TO th6.(B 4.4 60 25 
!ft>- 104 3111 192 65 5.7 29 aS? wl 

13 474 — — — _ 

35 JUL 1129 73 56 17 2"’ 

9k ^ P 7 - i‘ " M 
3 'H ii ?i L? 

mi 3K.li o\ (K — mu yny ”97- 


« 7 SlJan. June Feeder K*i__ 32 M 
H H Aug Jan. Fenner 6J.k:_ 128*12 
jn |-2 Jan- July FergraouM.— 99 28 

ft Jun- Sept Ferupnaa p_ 28 1 

L4 |4 Mot Not. RndtayiAai- 25 31 
MiS'l- — gndgsffleiOp- 40 0 

ol an + a P e Dec.Iltraflton_-_ ,39 14. 
7110? July *0,JWiC*l. 53*12 

93 34 g?^arty(EJ- 143 17. 

H f-3 Dec. July gweoltoep- 155 M. 


■&s* 5 = S d WifiII 

mProiMp- 84 TO Z132 — 2« 34. 
Hbta.Mp_ 140 310 XaTl 20 }, 

irSEsOb. 225nr H.I flOIi f llj 67 74 
Mte ■ 16 Bi ICC 171 9.7 93 

» fi p 41 1U1 dUE 211 65112 

i Ini Sec — 39 191 272 2W106 72 

ttPVro.l0p- 23 25J 1219 13+72 

otRofaboK 75* 1212 113 +1 64 *. 

Mfcffper5p MU 10.B21 1« 63 14 
KrtCorp.£L £21^ 72 QSLAH — 5 J - 
leaSorlnl 114. TO S-2 - t - 

fcOrertBp lBia M7= ZD35 -J £9 15.4 
China Osya 80 Z7i 355 27] 6J M 

rtnaTSai. 163 5.9 5.08 1* 4.7 64 

)Ferries— 103 1AU 128 3.f 4.1 ML. 

fcHWaxJOp 86 M d20Z 4.2 36 M2 

s 0 " 811 * M 8 

oe isisss&- f ju a H ii« 

neraai— 128* iSa 677 1 22f 86 S 

[rawshat— 99 aq+66 15} 92108 

taaan30p_ 28 11TM1.271 o3 7.C 33 t 

tayiAat- 25 3IlrttL73f 1N105 64 


tL73 U 
0232 — 

zjT t 

fb32 7J 


lit 

3fl 62 *8 

llli H 

l3 92M8 

103 7.C 33 
17(105 64 

- — 364 

— 5.4 —. 

JJ M *. 

!pk 

3J|308 83 

S 61 58 
331 4.7 64 
5j 6 E *1 

Sli li 
AH 91 

if 64 7.1 
26119 


60 2811 e3.ro — 7.7112^ 3 ' 
56 2B11 +4.06 20 110 56 ffl: „ 
5? 81 4.41 5.6 27 72 SE’ n 


— 3.3 Not. July 

— 46 Jan. July 

— 52 June Jan. 
“ |1 May Nor. 

— 5.7 Mar. Sept. 
_ 4.4 Not. July 


rnderiGSOUp- 26 

ErUohnl- 91 

rrno___ 47 

BeKRwfetooe 120 

BbenGp sfip- 32 
staiaR— - 268 


Mr. 

MJS 
. Hr J 

Ur Ju8.D. UugeaoU-B E- 

S,D JJ Ju.ls£ SWesasiCoLSl 

MrJe.b.D. (lX. InlernSamal# 
FJJjAuN.!&u*rAL5j_ 


— 26 May Dec. Cotumyside- 31 

“ 5.7 May Oct Crowley 68 

— 5.8 pet April Crouch(DD3ap_ 87 

— 26 May Oct. CroochGmp—. 72 

— 56 Apr. Sept DewtG l_ 164 

— M Apr. OcLDoadasEubtM 98 

— 0.4 April Oct Burning Gil 50p 220 

— 3.0 Mar. Sept EcoualOp_ 65 

— 46 Feb Oct ElIu&BtennL. 84 

— 15 Not. May&Ut_ 68 

— 65 Dec JuraF.PAConS’B— 

— 3.81 Dec. June FRsidcmgisCOBL 


53 J — Jan- July FtanbieTteS.5Jj 15 2816106 2910.7 49 4SSr An?SSSSS3!r m *«2 r» 3a “ 

28 64 83 Jon. July 0a'A'5p_ 15 28U1166 2910 7 4.4 Not s2i 5'2 35 

23 B.6 7.6 Jan. July Fine Art Den. Sp 48* 1213 JL81 24 5.7 111 AS?" Anr nrcAV^A^Er ff ?■? 51 

1] |[ ISSS.sf^SVr JJ ilJfS-l i¥8|8 

li 1 ?! HiS. SESSSha: ^ MIS li HiH 1^;# J’S b 

u $ .is m m mas: u da u’Hag-SI &- i l a. is i u 


3.5 86 5.0 Mar. Sept ForataMa iOp_ 120 litd3.7B 6 

2310.0 65 Jan. July Foster Bros_ 81 14162.59 31 

27 73 8.0 June Dec. Freemans floa), 290 311C 15.4 4 '; 

4 3.1 $ Apr. Oct Gelfer(AJ.i20p_ 34 228 257 l 1 

|| 1 52 M.8 jtea JuraG^^Br^: U £0.75 33|lo3*4f qct — MW l§w! ^SM inp' ^ ®2' 

’1 J M K? £ i “i ?A, H 0 itt 5Hi =1 i 

3.7 4.7 86 Jun. Oct Do.'A* NVZ 36 U 02 - 0.1 - mS 0& feSfflSSj- 

55 4.8 5.8 Sept HeteuLnalOpL 18V 25.7 0.62 5.9 51 51 Jm n?e bS K? 1 ”” * * 1, ,14! 

3.4 71 53 June Dec. DaKpcCw.Ift 165 2811 12% 117116 - Aug mSt^ 

5.4 91 41 Feb. Oct HttteB«S.ap- 83 117 <3121 63 4.0 46 Mar o2 SSmnS, 500 « $7 

U 4.2155 ^ Not. Benrime A 20 JLlKdiro 2613.9 5.4 Serf. An. PhffiPsSP” w 



252 81 4.41 5. 

90 2811 12.62 4. 
£30^ Wc VE232 2 
233 1411 t26 3. 

36* 1212 dtl5 2. 
176 19.9 bo-53 2J 

112 31C 3.69 4j 

M • 774 — — 

124 2813 55 2j 

104* TO +759 1' 
152 310 +B38 4.' 

87 DU d7.26 12 
98 Bi 4+365 4' 
30 251 191 0.< 

207 3Utd2.05 5J 

124 - 117 33 h 

ltS ■ 19.9 tbLfie 4 
21 2811 +156 22 
412 Mil tdS.49 5J 
30 1275 - — 

19 U74 — - 

481,* TO 3.29 bli 


» b s a&s 
I s sil l 

3.W 45 U^ft J™ 

SS «v ” s 

d7.J5 1312.6 93 SS ASS' 


raamdlObner. 81 3LW555 17 365( 8J 

r^anklinSCrtl-. 585 103 Q30c _ 2.91 — 

FrendiTtos.iOp 63 DU £255 4.7 O 56 
PrfcfflaadDrt— 92 199 1264 5.1 671 64 

5U (Brigs) n&p- 425* TO kw 55 6ffl 43 
Sg«WAt_ 159 25.7 «69 65 3.3 46 
abbouDndlOT- .64 IS 1 +ii267 4L3 54 64 

^&=’i « LMJ 

L! M 

awoKto- 593 31U 1067 4.7 Z.W111 

Imn i ftotolOp 40 U 254 19 53 12 

•^ldnmn(H)Hlp. 20 B.TO — lid — 

Somme ada— 83 31U 3.02 25 5318.9 

asnnpianHdgt. 51 254 3.99 U 123 73 

Canada‘A 1 _ 97 &J 194 qJJ 35} 96 

S flfi is ml 

JaflaaSa^Tlte- 29 12MZ026 — ZW& 

MMlOp- 54 117 *L39 4.9 -3ffg|- 

DtaEiBanelftp- 34 3U 1?? 2.2 llfl 53 

bninesCpTSfe. 92 32A Qr«®e 43 4.4 35 

luwmTnaC— 154* TO 62T <gJ 64J6 
bojOgpeCnSOff £87 Ml OfiMlt ttoM* 
iff^wesaOp- 58* 1232 fefc 2lJ 7ifH 
tarns (Rl)30pl. 76 &S 369 23 J.fM 

iamsiSbelto- 48 110 12.7 4 l2-!LH « 


May Nov. HmuASheltenZ 48 1H +2.7 JJ-UU 
-J|J^_Feb g^«6Bpto«L 71^ ai 3.99 * 3.^ 

lasw?s jt&vs 1 

. M f 2 jS gp a fig 


19 U7J Z Z Z Z - 41 17. 

4g;* TO 3.29 KUHJ 86 Not M ^ 

131 am t 52 32 6.0 ( 59 i SSk sK; SSiSS?^ S 

418 , MU +7.42 46 2.7 114 {w iS ,7 

198* TO td5.47 36 4.2126 ?S£- S U i 

54 86 358 Z7 95 59 fl£» ^ , 

iMBB SSSSM® m a l 

20 I il|«iw 121? Sss-.dg&assftsp- 3JS ^ 

27i feM IS 52 9 7 P^t^Su 2S 

il Maes® 1 * i 1 

65 25.7 1221 26 5210.7 {“S, EArrsrrsr 3?S 3s 


Anoc.l 2DB ]17J 


il [ li 

3£ l di * s i% aasa* s % 

is lain? July., m.p,a—aa 13J 


a hjswp^'j 


1h568 36 56 72 
233. 1910.0 51 

5.08 46 5.9 5.4 

T468 63.4 96 3.9 
+569 43 66 52 
35 73 61 


r lire500 


ST Si g il HOTELS AND CATERERS 

tii 8 IIII 3Sf!]gJS*Sr. eOS 

s&v ii v ie1ssh» r 


Oct nitta(G3DUto 33 

Apr. HnldrheaOp 79 


l.T" 10.9 8.3 June Dee. Hepw , flj 1 B’Ito- 64 J4J1 23 2.7 55102 Feb Aut FmK IffnnwS; rn 

lrtl0 2 7.7 Apr. OcdlkHieCbanalOp 122 1991^29 33 4.1113 file' Jum Ja 

^ Ml 76 Dec. JulyjuourebFnjM. 134 DJfl| ffJ4 H] 4-^123 jSSfilSbSz; B2 


g .03 09 
27 36 


3.7 4 uec. Jun. Cto HotebHto « 

— — Dec. June DeVeraHoiefc” ijm 

AI li *p r - Get Grand Mb. 50p_ im 
S o «S ^ 10pf Cwfla FU5 


ariwapHpiffiBaBse* M 

Jan. Aug Imtml Serriree-. 75 86 

Dew. Judq Into-Ciiy 20 p_ 9 ltU 

Mar. Oct lamMOobni— 39 88 

June Jan iwOTisnirf. va* 91 , Mil 
Not. June tedineltSKS. 377* 25.4 

[ERERS Apr ' DeCl r- 32* 3U0 

L6U6U1IO - II. .-J 

Oct. Apr Johnson dura.- 79^2 5-9 
7 J fa 7 , Feb. Aug {otoonMttreXI 460* 1232 
m2 j a,Sd £ ov 3 J at JourtaniTjl^. 38 . 19? 

Dee.Kalmajwiop^ 30 SUfl 

26} bn 0.7 June Jan. Kd 5 eylnds-.^_ u^d 


as i# h 11I F ^Epaasa sh 5 

jsfcsssaw m 


.*T*. ■, * 

f S S-; 


*S ?51?Si an - A-jg lct radsZZ w 

JJ| 63(143 Dec. AagfiXIiiiillnn^. 38. 






















































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































Skipfon^SS? 

stronghold for savers 

-• - . Head Office: High Street Skipton 
BD23 1DM Tel: 0756 4581 
litf-^EPsSiF London Office: 81 High Holbom 
WaR tlf Tel: 01 -242 8147 


TORgPS 

ventilation 







Tuesday January 3 1978 




A»eU occccil C190 mflfinn 
Reserves Meed £A5 mffian 


Rhodesian Little progress likely 

leaders . « , „ 

confident in fire peace talks 


confident 
of early 


BY ALAN PIKE, LABOUR CORRESPONDENT 


FT monthly 
survey of 
business opinion 

Industry 
off to 
optimistic 


THE LEX COLUMN 


Vi VUIIJ I BOTH SIDES in the firemen's majority of Britain's firemen say be ended within the pay policy.. X-_ 

■ ; dispute yesterday took a pessi- so." la these circumstances aDy ;m 111I 11|| IWI ■£ 

_„ ___ ^v*»4.; mis V c v L ew of „ taJks e with A statement issued last night h °P? lhat tcMla ^ 8 meeting might• ***** *** 

O Oi # AAlTIAflT' Merl y n Rees - Home Secretary, by the employers said the em- make progress depends upon the: 

CtfLL VVlilvIl V' which to-day will explore ways pi oy ers hoped that their talks ablll ‘y of the onion to persuade j j 

of resolving the seven-week-old with u,e Fire Brigades Union the Government that there are -CT €| pT 
BY TONY HAWKINS national strike. would lead to a settlement of aspects of the proposed new 1 w»-kj o, 

Mr. Martin Brannan, chairman the strike. “They believe the J® 31, Phased pay formula for 
„. , . I of the local authority oegotia- offer they have made can form Bremen which could be improved jXDUSTRY IS starting 1978 with 

RHODESIA S internal settle-, torSi sa id that the employers a basis of a settlement honour- without breaking the pay policy. «enerallv optimistic view of 

ment talks resume here to-j W ere a very determined lot who able to both sides.” Tbe Government is still con- . " Drosi ^ ec t s hnth for the 

morrow, with the leaders of alli W(ir(> „prtin" “fed nn tn the ..jj cerned about the possible impact •• tne prospects doui tne 

four delegations confident teeth with* firemen's demands, ha? 6 beeo^fven Sa recently U to on other P ub,ic sector claims °f.economy as a whole and for m- 
JSfllS XST* The message to him from fire malm in? level? in the fire a b "*ch of the pay guidelines. dividual businesses. 

Tn hie Npur Vp.r to authorities all over Britain was: service, which are determined by fir ®men On Thursday, the. The economic recovery is still 

nrpr thp wppklnd ‘ F °r God’s sake, don’t give in.” standards of fire cover set by unions will meet the Electricity ^ and is nol expected to be 

Mr Ian Smith the Prime I Hc believed that there was little the Borne Office. It said the Council to present a cliim for rapid durin3 J 978i whiIe there 

Minister spoke of the '* 5 ignifi-|P ur P ose * n today's meeting, strike had not lasted long substantial rises on behalf of a ra {ber less buoyant view 

cantDro 2 iSs "’alreadvmadeHe except that the strikers’ union enough for any conclusion to be electricity supply workers than nrevioustv of the -prospects 

adrieri Tha??hP talkc wSe '''Dr^ bad asked for iL drawn yet about maiming levels. The power workers’ militancy 

SLV U1RS WCre P Mr. Jack Haworth, vice-presi- “They will, however, be a in some parts of the country was tor exports, in Jarticular. 

He also warned Rhodesians, dent of the Fire Brigades’Union matter of concern to the shown by unofficial action over This is shown by the latret 

however to evoect stresses and I which decided last week to seek employers in negotiating with allowances in November and the Financial Times survey of busi- 

strains in the economy In a the tripartite talks with era- the FBU the proposed reduction forthcoming negotiations may (ness opinion which this month 

separate development, the Re- pioyers and Government, said in the working week from 48 to prove difficult. covers non-electrical engineer- 

serve Bank of Rhodesia is no yesterday that he was “ not very 42 hours in November 197S.” In tbe private sector, the ;j ngi brewing and distilling, and 

longer quoting a daily official;optimistic" about the likely out- Mr. Frank Allaun. the Left- Government will be watching|paper and connected in¬ 
rate for sterling. This reflects j come. wing Labour MP. said at the closely the threatened strike, dustTies 

the relative lack of importance! He told a rally of 1.000 fire- same Manchester rally, that the action by petrol tanker drivers; interview* were under- 

of sterling as a trading currency J men in Manchester that the Government should relax the in support of pay claims believed |. . in rh _ fnr . n i„hr nF 
as far as Rhodesia is now con-; union was entering the meeting rigidity with which it was stand- to be about 30 percent 

ccrned, with the U.S. dollar being ;from a position of strength, ing by the 10 per cent pay guide. Union officials and manage-: irecemner Detnre tne recem 

critical on the export side and i There would be no settlement lines in the talks and assist the ment of BP met last week sttarp rise in the sterling 

the South African rand vitally!while Mr. Brannan continued firemen to return to work with and a claim by 2,000 Shell;exchange rate. 


Growing status 
of the COB 


important on the import side. 

Sterling links 

The poor economic outlook for 
Rhodesia this year can be blamed 
on the sluggish world economy 
and depressed commodity 
markets. Mr. Smith said. 

He claimed that while 
Rhodesia secured a favourable 
trade balance in 1077, the 
current account of the balance of 
payments swung back into deficit 
due to heavy spending on 
invisibles. 

Tbe final severing of links 
with sterling as a trading 


talking in “veiled terms” about dignity. U.K. drivers has been referred; The survey does, however, 

redundancies and there would However, Mr. Rees has already to the Advisory. Conciliation and j show that while a large 

be no settlement “until tbe emphasised that the strike must Arbitration Service. ! majority of companies still 

- 1 - ; - ; —{expect a rise in exports during 

1978, the percentage has slipped 
A ! back compared with last 

|-C III Q 1 * 1*0 Yl n~AC %L/| I II IfYI i summer. This is in line with the 

bug dirdiiges qMUUiii* :ssva.t*ss x 

;reys, and the debate about the 

1 • a 1 ! outlook for exports and their 1 

IYI An Him_iDl^lTI mQll competitiveness is likely to in- 

111011 Ulil-1Cl ill lUd.ll j tensify in the next few months 

j as a result of the rise in sterling, j 
1 Industry is guardedly oprimis-; 

BY MARGARET REID tic about inflation — neither 

expecting a single figure rise in 

BOC INTERNATIONAL, the 1978 and that his group could year and 1980. prices in the next 12 months 


BY MARGARET REID 


currency highlights the changed expecting a single ttgure nse m 

situation in Rhodesia as a result BOC INTERNATIONAL, the 1978 and that his group could year and 1980. prices in the next 12 months 

of 12 years of economic sane- oxygen and industrial group, has take it up in part and cancel The $400m. facility is from! nor a rapid rate of increase. The 
tions, because in 1965, when UD1 arranged a major medium-term the rest, or take up the whole three British and five U.S. hanks..'expected rise in prices among 
was declared, sterling was obvi- loan facility totalling S400m. amount five of these eight being among [those questioned in the last four 

ously the most important f£210m.) with a group of eight Under the recent agreement the six which put up the earlier \ months is just under 12 per 
currency for Rhodesia. British and United States banks, with Airco, BOC may in certain SSOra. Interest on the new i cent. 

It suggests, too, that British The facility was arranged circumstances, increase its hold- facility—drawings on which will l The slow <*rnwth in demand 
exportert are going to find it sometime ago. but has not yel ing in Airco and bid for the also be repayable between the the mainTniVaint 

very difficult—and probably un- been used. It is expected to be balance of that company’s fifth and seventh rears—is w 

possible—to regain their former drawn on to meet the cost of shares during the next Eve years, lieved to be at i percent, above • proancu .? n ’ Du * me . test sur ‘ 
economic domination of the BOC's offer this month to pur- But it said that it did not think the appropriate Eurodollar rate iy ey c ? nfirms the gro ' vm § nu “- 
Rhodesian market once economic chase up to 1.8m. mare shares it was likely to use the S400m. for most of the period, with a 1 ber ° r companies — )ust under 
san ct ions are finally removed, of the U.S. group Airco at S43 facility for the rest of Airco. No provision for a slight increase!two-fifths of those questioned in 
Prospects for progress in the each. decision had been made whether later. <he last four months — which 

L„ ® !„obeen This offer would, if fully to seek any further shares in Another large British company have been referring to shortages 

Wni? frnm accepted, raise BOC’s existing 34 that company later on. planning to borrow in dollars is-of skilled factory staff. Nearly 

ISKnaiK -. !« nv„iv 3_l per cem stake ln Airco t0 49 P* r lx appears that theS400m. may Imperial Chemical Industries. It , a third also mention labour dis- 
Marrin Dickson wri/li" Lflrdi cen1, and „ would re 9 uire some be drawn on later this year to proposes, however, to proceed by | putes. 

Caw BnScSioneJ SSOm. (£42m.), including inciden- refund an S80m. (f42m.) seven- the different route of a public; Industry is still generallv 

d«^al t ror Rho^ririik,Ty lal R ™ 5ts a .. ?“ '™* t f lcen ^ us ; .causiou, ahnu, takins on new 

to fly 10 Mozambinue shortly BCC sa,d yesterday that the connection with financing the C£78Jm.) of guaranteed smkina labour vvi»h onlv a email not 

fSr diacussio!? wi h PrjSdent S400Tn ’ facility would remain initial stake in Airco and which fund debentures through ICI SL rf'vJSiniL 

SamoraMachel on VmSSS availab,e unti5 P ar ‘ * repayable between later this North .America. ’ a h 

Anglo-American proposals for a --1 next 

Rhodesian settlement. ‘ . \ on iJi 9 U 0Te0 '?* ,, mp . oy ' 

The talks will be Lord Carver’s T • • 1 J ment legislation and other fee- 

first major discussion with any I imPfSlK flPPKIlAVI hQmPIK! ! reIa , ted t0 tne structure of 

of the parties to the Rhodesian V'A U>Jlk3 %*■V'i»3JlvriJI fbe employment market are dis- 

dispute since Mr. Smith seized couraging a net increase in staff 

the political initiative from , rather than merely a shortage 

odds on autumn election 

• ayior Nelson Group Ltd. 

ui„ hi n AUMwAnkie Details. Page-8 


for discussions with President, 
Sam ora Machel on the stymied 
Anglo-American proposals for a I 
Rhodesian settlement. 

The talks will be Lord Carver’s 
first major discussion with any 
of the parties to the Rhodesian 
dispute since Mr. Smith seized: 
the political initiative from 
Britain and the U.S. by launch* 
ing his own internal settlement 
plan. 

Patriotic Front 

With talks between Mr. Smith 
and the three Rhodesian-based 
nationalist movements con¬ 
tinuing. the foens of attention 
remains very much on Salisbury 
rather than the Anglo-American 
initiative. 

However. Britain is still keen 
to hold discussions on its settle¬ 
ment proposals with the fourth 
Rhndcsian nationalist group, the 
Patriotic Front, and to maintain 
what support it can for the 
Anclo-Ainerican plan from the 
African frontline states which 
back the Patriotic Front. 

In recent months. Britain’s 
rnnm for negotiation has been 
sharply reduced by divisions 
among the frontline states and 
within the Patriotic Front as to 
whether elections should he held 
hp.forr nr after Rhodesian 
independence. 

Rut with the possibility of an 
acrecment cmersing in Salis¬ 
bury that would exclude the 
Patriotic From, the African 
leaders have been trying to 
resolve their differences and the 
frnntlinr presidents last month 
declared their support for “posi¬ 
tive” aspects of the Anglo- 
American plan. i 


Continued from Page 1 


At the beginning of a year in 
which further efforts wilt be 
made to improve self-regulatory 
processes ki the City and m 
the accountancy profession it is 
time more attention was paid to 
the activities across the Channel 
of the fast developing French 
securities agency, the Commis¬ 
sion des Operations de Bourse. 
Although the French stock- 
market remains nothing to shout 
about, it is already dear that 
the COB has been strikingly 
successful m achieving progress 
towards some of the objectives 
it has set for itself — notably 
in improving tbe quality and 
quantity of information pub¬ 
lished by listed companies, and 
shaking up the relatively im¬ 
mature French accountancy 
profession. 

The Commission is a Govern¬ 
ment agency which was estab¬ 
lished in 1968 as part of a more 
general strategy to Improve 
Paris as a financial centre. It 
is said to have been conceived 
as a cross between the well- 
staffed U-S. Securities and Ex¬ 
change Commission and City 
bodies such as the Takeover 
Panel and the Stock Exchange. 
It currently employs 85 people 
and has a budget of more than 
Frs.lOm. (£iim.). (In com¬ 
parison tbe London Stock Ex¬ 
change has a total staff of over 
900, of whom 156 are classified 
as supervisory while the Panel 
employs 12 people). Apart from 
overall administration, the 
COB-’s main supervisory activi¬ 
ties faU under three depart¬ 
ments: the investment and list¬ 
ing department the inspectorate 
(including market surveillance), 
and the accounting division. 

Investigations 

The Commission operates 
through a combination of statu¬ 
tory powers, arm-twisting and 
influence. It has powers, for 
example, to supervise takeover 
bids and new listings—where it 
can insist on all disclosures it 
considers necessary, to investi¬ 
gate and refer to the public pro. 
secutar cases of insider dealing 
(this is banned under a law 
passed in 1970), and to investi¬ 
gate abnormal share price 


movements. Indeed there is files and obtained its ureerf 
ample evidence that it uses all that inter aha it would sok - 
these powers to the full. «ts work programme and' 

■ nr jvt*n report for approval in all-fell- 

But it was » the area f ««£ ^ where P ^ c|?d ^ 

pany «» 3 fhnr fhp L Commission in R accountants. Similar # ■' 

AK-XfSSij SSuhffi -??tlv ! 

lenge. When it was established qar has had fen 'a-1* 

Mmpantes provided thrir^are- whcre ^ , 

counts!and accounting and audi- j* ****** i 

ting standards left a great deal of ^ 

to be desired. Over the past cover, partenriariy in Bw? 
few vrars, however, much of such as cmnpa^counts 
Ota lias changed. auditing. Conation 

Thanks to private and public 

exhortations rrora the COB and J 

its insistence that every com- danhsataon of accounting p. 
pany making a new Issue dplcs must follow. , ; 

must thereafter publish group Nevertheless it w useful 
accounts. 5S per cenL oF all consider what lo»or» the C 
listed companies with subsi- can learn from the French 
diaries published consolidated perionce with the COB. * 
accounts in 1976. In 1972 only French heeded a statutoiy b 
2S per cent, of listed companies to police their securities n 
published comparative figures, kets simply because they l 
Last year 60 per cent, did so. no tradition of seif-regulatl 
while overall the COB has But they made Its job easier 
stated that only 15 per cent, of declaring instder dealing—' 
annual reports for 1976 were practice which has someth! 
unsatisfactory, against 40 per given the City a bad name 
cent, in 1974. illegal. 

The COB has frequently used 
its powers over new listings rn 1p 

and audit appointments to KXt eu “Ulg TOie ,,., lf - 

investigate auditors’ files and In the first ten years of-i**' 
insist on better procedures. In life the COB has gradua^rrO • • 
1973, for example, it examined extended its role, in a si 
20 auditors’ files: last year the regulatory fashion, into an 
total was 65. In 1976 the Com- and matters which are consid 
mission’s intervention secured ably beyond its basic statute 
the removal of auditors in no powers. In doing this - 
fewer than 27 cases, one of resembles to some extent t 
which was referred to the Bank of England, which dt 
public prosecutor. It also has the arm-twisting in the City a 
power to rerer auditors for dis- backs up the Takeover Pan 
ci pi inary action by their own The latter type of sdf-regu 
professional bodies. tion seems to work fairly w ... 

In an unprecedented action in the U.K. and the COB malp’ - 
in July 1976 the COB suspen- no secret nf the fact thal •y.'I 
ded Price Waterhouse, France, has adopted many of the Pane 
from aeting as reporting procedures, 
accountants for new Bourse The area - where the COB h 
listings after it found that the been most successful is in < 
firm was not justified in giving regulation of company acebua 
ao unqualified opinion on the and the accounting profeauo 
1972 accounts of a company This happens to be the one ft? 
called Voyer. This was a con* where self-regulation does not- 
struction concern which col- present appear to work re 
lapsed in 1975 after being well in the U.K.. It seems on 
floated, with Price Waterhouse too obvious that somethii 
as reporting accountants, in similar to the COB wiIL I 
1973. The suspension was only needed for British accounts*^ * n . 
lifted in Dceemher 1976 after unless - they make a serkn 
the COB had examined PW’s effort to regulate themselves. .U 


P . \ 

MiZ.v-: r. 


BY PHILIP RAWSTORNE 

THE ODDS on an autumn elec¬ 
tion have hardened with the 
Liberals* decision to end their 
pact with the Government by the 
summer at (he latest 

The Liberal Party Council 
decided over the week-end that 
the special Assembly at Black¬ 
pool on January 21 should vote 
on whether to abandon the pact 
ini mediately, or wait until Par¬ 
liament has passed the Finance 
Bill implementing the spring 
Budget. 

The Council’s decision effec¬ 
tively ruled out any other 
options. 

Mr. David Steel, the Liberal 
leader, will try to maintain sup¬ 
port for the Government until the 
summer recess. In a New Year 
message he said: “ I am deter¬ 
mined that in the New Year, the 
Liberal Party should continue to 
play a key role 1 not only in 
assisting recovery, but in point¬ 
ing the way to a sounder and 
more prosperous future for 
Britain.” 

With prospects of some Liberal 
profit-sharing policies being in¬ 
cluded in the Budget. Mr. Steel 


hopes to persuade the Assembly 
that the Party's interests would 
not be served by an immediate 
break with the Government. 

Mr. Callaghan, in his New 
Year message to the Labour 
Party, paid tribute to Mr. Steel's 
support. The Liberals were 
entitled to their share of the 
credit for tbe improvement in 
Britain's standing so far, he said. 

Though *Mr. Callaghan indi¬ 
cated he would have liked to 
delay an election until next year, 
he recognised that Mr. Steel 
was unlikely to be able to con¬ 
tinue support for the Govern¬ 
ment into another Parliamentary 
session. The Labour Party must 
be prepared for any eventuality 
this year, he said. 

“Whatever the Liberals 
decide to do, the Labour Govern¬ 
ment intends, to carry on in I97S 
when our economic success will 
become even more obvious.” Mr. 
Callaghan added. 

The Prime Minister promised 
a year of further economic and 
electoral recovery with more tax 
cuts, improvements in public 
services and a continuing decline 
in inflation. 


Sounding tbe moderate tone of 
Labour’s likely election appeal. 
Mr. Callaghan stressed the need 
to ensure that the economic 
recovery was permanent. He 
called for a “greater sense of 
common purpose ” in industry 
and indicated that public owner¬ 
ship was unlikely to be given 
high priority in Labour’s election 
manifesto. 

“The nation simply cannot 
dodge the truth on incomes," Mr. 
CaUaghan said. “ If we let them 
rip unrestrainedly, we would, 
within 12 months, find wages 
once again engaged in a never- 
ending race with higher prices, 
soaring interest rates, the pound 
falling in value instead of rising, 
and a weakening of business con¬ 
fidence.” 

Mrs. Margaret Thatcher, the 
Tory leader, also looked forward 
just as confidently to a year 
which, she said, promised to be 
one of the most crucial In the 
country's history- 

This wnuid be the year in 
which Socialism would be de¬ 
cisively rejected by the country, 
sue predicted. 


I Cloudy with outbreaks of 
rain. Temperatures near normal. 
London, S.E and CenL England, 
Wales 

Cloudy, some rain, brighter 
later. Max. 6-7C (43-45F). 

E. Anglia, Midlands 
Rain followed by sunny inter¬ 
vals. Max. 5C (41F). 

EL, N.E. and Cent- England, 
Borders, Edinburgh, Dundee 
and Aberdeen areas 
Sunny intervals. Scattered 
showers, wintry in places. Max. 
5C (4IF). 

Channel Islands. S.W. England 
Mostly cloudy, occasional rain. 
Max. 8 C (46F). 

N. Wales, N.W. England, 
Lake District, Isle of Man, 
S.W. Scotland. Glasgow area, 
Argyll, N. Ireland 
Sunny intervals and showers. 
Max. 6 C (43F). 

Cent Highlands. Moray Firth, 
NJE. and W. Scotland, Orkney 
and Shetland 

Showers, heavy and wintry. 
MsTx. 3-4C (37-39F). 

Outlook: Rain, some snow. 
Rather cold. 


Carter visits India 


GEC in $57m. Iran power deal 


cessing plant at Trombay or of 
the experimental reactor from 
which it obtains plutonium for 
nuclear explosives. 

Tbe Desai Government had 
already indicated that it was 
deeply impressed by the 
vehemence nf international re¬ 
action to the Indian nuclear 
explosion, and did not intend to 
develop* nuclear explosives any 
further—even for peaceful uses. 

The U.S. Government has al¬ 
ready toned dawn its originally 
very-tough non-proliferation line, 
and adopted a more flexible four- 
pranged strategy in recent 
months. They are: 

J—To make nuclear safeguards 
more effective by insisting 
on comprehensive safeguards- 

2 — To exercise self-restraint in 
the transfer of " sensitive ” 

Technologies until it has learned 
how to make them safeguardable. 

3 — To create non-proliferatinn 
incentives through fuel as¬ 
surances and assistance in the 
management of spent fuel for 

nations which agree to foregn 
bavins their own complete 
nuclear fuel cycle. 


4—To build an international 
consensus about the future 
structure and management of the 
nuclear fuel cycle. 

Richard Evans writes: Mr. 
James Callaghan, following in 
the wake of President Carter, 
to-day will begin the first visit 
to the Indian sub-continent by a 
Labour Premier since indepen¬ 
dence. 

Talks with political leaders in 
India, Pakistan and Bangladesh 
will range over the .whole sphere 
of political, economical and 
social relations, but in India a 
discordant note could develop 
from an exchange of views on 
noa-praiiferation of nuclear 
weapons. 

The U.K. Government’s atti¬ 
tude an tbe inherent inter¬ 
national risks involved in extend¬ 
ing tbe number of nations with 
a nuclear capability is closely 
akin to that of President Carter, 
and out or step with the views of 
Mr, Desai- 

Mr. Calaghan will visit India 
from Jan. 7 to 11 after a two-day 
visit to Bangladesh. He wifi 
visit Pakistan from -Jan. 12 to 13 
when he wtl meet Gen. Zia Ul 
Haq for the first time. 1 


| BY ANDREW WHITLEY 

i GEC TURBINE Generators has 
I won a S57m. power station con¬ 
tract in Iran which will be sup¬ 
ported by a S37-3m. loan by a 
syndicate of British banks. The 
16an agreement sets several en¬ 
couraging precedents for British 
exports. 

For the first time an Export 
Credits Guarantee Department 
credit for Iran is being financed 
in dollars rather than sterling. 
Tbe loan is also tbe first British 
credit to Iran's public sector. 

Id the wake of Iran's rapid 
industrialisation and consequent 
administrative changes. the 
acceptance 'of a loan of this 
nature bas considerable implica¬ 
tions for future British bids. 

British companies tendering 
for two very large projects in 
Iran — the S3bn. direct-reduction 
steel mill at Isfahan and a 
S700m. aromatics plant — now 
stand a better chance. 

Under the power station con- 
; tract, GEC will be lead contrac¬ 
tor in building plant for the 
I Iranian State electricity com- 
j pany, Tavanir, for completion by 
I960. 




Discussions with GEC, which 
has already completed another 
power station on the same site, 
originally began • ln 1973, but 
were overtaken by the trans¬ 
formation in Iran’s financial 
position late that year. 

In Fact most of the equipment 
has been ready for years. 

The loan agreement, signed 
in London, has a five year re¬ 
payment period. after the 
commissioning of tbe power 
station in mid-1980, and carries 
a fixed interest rate of 7J per 
cent. 

Financing in dollars has put 
Britain on better competitive 
terms with France and West 
Germany, two major rivals in 
the lucrative Iranian capital 
goods market. 

Washington's refusal to allow 
the Export-Import Bank to lend 
to OPEC countries has been a 
serious handicap for American 
exporters, although many U.S. 
multinationals circumvent re¬ 
strictions by operating through 
European subsidiaries. 

While British exports to Iran 
may benefit from the mutual 
acceptance 0 i British dollar 


TEHRAN. Jan. 2. 

credits. lack or British finance 
has not in the past been the 
problem. Inhibitions have came, 
mainly from the Iranian side. 

However, the future financing 
Pattern is likely to be a mixture 
of oil-barter deals of different 
descriptions and credits from 
exporters. 

With tbe S3bn. steel mil] pro¬ 
ject it is believed that Iran is 
looking for oil barter to cover 
the local costs, some 50 per cent, 
of the total, and credits for the 
remainder. 

Preliminary figures on British 
exports to Iran last year Indicate 
that in value terms there has 
been a 25 per cent, increase over 
1976. For most of the year the 
increase was running at 27 per 
cent. 

Estimates based on the first 
10 months, suggest that the year’s 
total exports will be worth about 
£640m., maintaining Iran as by 
far the biggest market for Bri¬ 
tish goods in the Middle East. 

Nevertheless, the main sup¬ 
pliers of Iran last year were the 
Wpst Germans and Japanese. 

Exports Challenge In Iran, 
Page 4 


TREASURY DEPARTMENT 

ARGENTINE GOVERNMENT 
OIL FIELDS 

YACIMIENTOS PETROLIFEROS FISCALES 
SOCIEDAD DEL ESTADO 
REPUBLIC OF ARGENTINA 

INTERNATIONAL PUBLIC TENDER NRO 05-1-77 

BUYING OF FOUR NEW TANK VESSELS, UNUSED, 
TO TRANSPORT CRUDE OIL : 

Deadweight: 30,000 to 35,000 tonnes approximately. 
Draught moulded designed: 36' plus/minus 2V - 
Breadth moulded maximum: 3Q m. 

Length overall maximum-:.215 m.-... 

Tender will he opened on January IS. 1978, at 14.30 p.rn. in our 
headquarters, sited in Avenue Roque Saenz Pela 777 (13th floor) * 
Buenos Aires. Argentina, and simultaneously in our commercial: 
and technical office in Houston (Texas). Richmond Building,-- 
Suite 710, 3616 Richmond Avenue, Houston, Texas (U.SA-), 
at 11.30 a.m. 

Cost of tender conditions: $US 2,000. 

All questions and the selling must be made in the ahqve 
mentioned offices in working dates and hours. . 

Offers for this tender will be received up to January 17, 1978 s ': : at. 
3.30 p.m. Houston time. - • •' 




curb 7, 




Pill C7 *- 


Sr st tor •n* ww*b*it 

S' “* FUUBCial Times Ltd,. Ersctaa House. Canaan Street. .London KC4P'4BY. 
1 C Tl» Financial Tunes un, 1MB 





■•■¥.Y.se?aE>: 



4